Are ETH futures on cards as US CFTC eyes on ethereum?

US CFTC is sensibly awaiting public commentaries and stances in order to update the Commission’s empathetic approach on the emerging technology, mechanics and markets for cryptocurrencies beyond Bitcoin, namely Ether and its use on the Ethereum Network.

Well, in this perspective, a Request for Information (RFI) that would be published in the Federal Register, the CFTC is asking for public feedback on a range of questions related to the underlying technology, opportunities, risks, mechanics, use cases, and markets, related to Ether and the Ethereum Network. All comments must be received within 60 days of publication in the Federal Register. The RFI also seeks to understand similarities and distinctions between Ether and Bitcoin, as well as Ether-specific opportunities, challenges, and risks.

Several analysts have reaffirmed that as long as the dominant cryptocurrency remains below $3,700 and struggles to demonstrate a major breakout, the market is at risk of dropping to a new yearly low.

While positive developments like the Nasdaq, Bakkt, and NYSE futures markets are around the corner and are expected to launch in the first quarter of 2019, it could easily take until the second quarter of next year for the cryptocurrency market to begin its recovery.

A proper bottom has not been established by BTC and other major cryptocurrencies, as well as small market cap ERC20 tokens, have not shown any signs of a large corrective rally.

A total of 25 questions about both Ether and Ethereum have been listed by the RFI. The questions encompass different categories such as custody, governance, technology, etc. Across the various categories, the CFTC appears interested in knowing the similarities and differences between Ethereum and Bitcoin.

Under the “Markets, Oversight, and Regulation” section, the bulk of the questions (17 to 21) covered matters relating to Ether futures. The CFTC appears interested in knowing how the emergence of ETH derivatives would affect the network’s proof-of-work (PoW) consensus model, as well as the risks involved in trading ETH futures. Courtesy: bitcoinist

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -164 levels (which is bearish), hourly USD spot index was at 96 (bullish), while articulating (at 05:36 GMT). 

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