CFTC Talks with Facebook Crypto! The Commodity Futures Trading Commission is in talks with Facebook over its upcoming Stablecoin Launch, the Financial Times (FT) reported on June 2nd, 2019.
J. Christopher Giancarlo, the Chairman of the CFTC, was cited in the publication. They revealed that Facebook is attempting to smooth out the regulatory landscape ahead of the asset, currently called “GlobalCoin”. It’s rumored to go live next year.
“We’re very interested in understanding it better,” the FT quoted Giancarlo as saying. He also confirmed, according to FT, that at present, no formal request for regulatory clearance had appeared.
“We can only act on an application, we don’t have anything in front of us,” he said.
Facebook caused quite a stir when it rumors of its stablecoin released a few months ago. With its business with sister companies Whatsapp and Instagram, Facebook has the potential to bring Cryptocurrency to millions upon millions of users.
If successful, GlobalCoin, a stablecoin many wouldn’t think about using, would however help catapult mass adoption into the mainstream and into the public spotlight. Cryptocurrency would also see a large boon.
What do you think? Do you think GlobalCoin, the supposed-dubbed stablecoin of Facebook, will help push mass adoption? Let us know on our Facebook page!