CFTC holds a meeting with Facebook to better understand upcoming crypto

03 Jun, 2019
by Fifi Arisandi
CFTC holds a meeting with Facebook to better understand upcoming crypto

Facebook held another meeting regarding the cryptocurrency project, this time with the CFTC. 

More developments have been reported on Facebook’s crypto project. After a series of meetings earlier with the Bank of England, the Winklevoss twins and Western Union, the social media giant is said to just hold a meeting with the U.S. Commodity and Futures Trading Commission (CFTC) about their upcoming stablecoin.

According to Coindesk, the goal of the meeting was to “better understand” if the upcoming cryptocurrency could potentially fall under CFTC’s regulatory remit.

“We’re very interested in understanding it better. We can only act on an application, we don’t have anything in front of us,” said CFTC chairman, Christopher Giancarlo.

Adding to his statement, Giancarlo said that it’s still to early to tell if the GlobalCoin, how the crypto is referred internally, could fall under CFTC’s remit. However, he hinted that if it is backed by the USD, then there might be less of a need to tie it to derivatives.

“That’s very clever,” he commended the crypto design.

Facebook’s crypto project has been rumored for a while within the crypto community, however, only in the last couple of months there have been some “real” updates on the project as to “tangible” actions towards the execution.  

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