There are several cryptocurrency and traditional finance firms that have provided information about Ethereum (ETH) after a request from the U.S. Commodity Futures Trading Commission (CFTC).
The CFTC presented an inquiry back in 2018. The LabCFTC initiative was seeking public comments regarding the Ethereum network and its main principles. The main intention is to learn about the risks and opportunities related to it.
There are 35 different crypto and blockchain companies that have already provided detailed comments about Ethereum to the CFTC. Some of these companies are Coinbase, one of the most popular exchanges and crypto platforms in the market, the blockchain consortium R3, ConsenSys, a blockchain-related company, Circle, Weiss Cryptocurrency Ratings and many others.
Charlie Cooper, the managing director of R3, provided information regarding the evolution of virtual currencies during this year saying that asset-backed tokens will be growing as the future of the industry.
Gus P. Coldebella, the chief legal officer at Circle, commented about Ethereum:
“Primarily, the Ethereum Network is the largest and most used smart contract platform within the digital asset space. While other networks may show higher transaction volume, many of those same networks also have no transaction fees, potentially skewing visibility into non-spam use of the network.”
Brian Brooks, the chief legal officer at Coinbase, provided insight into the risks and regulations related to the Ethereum ecosystem. He mentioned that it might not be positive to regulate the spot and derivatives markets because a large part of Ethereum trading happens abroad, in other countries.
At the time of writing, Ethereum is the second largest digital asset with a market capitalization of $13.95. Each coin can be purchased for $132.