Facebook consults CFTC about GlobalCoin

According to the head of the Commodity Futures Trading Commission (CFTC), the regulator is in “very early stages of conversations” with Facebook about its upcoming stablecoin, the Financial Times writes.

At this stage, head commissioner Christopher Giancarlo says they are trying to establish whether Facebook’s planned cryptocurrency would fall under the CFTC's jurisdiction, which governs over futures and derivatives. The decision will depend on whether the stablecoin's trading is done via futures or cash-based markets.

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