ErisX Files Comment Letter in Response to CFTC’s Request for Input on Ethereum
ErisX believes that robust, transparent and regulated financial markets are critical infrastructure that enable price discovery, risk transference and hedging opportunities. These are foundational elements of well functioning capital, commodity, and commercial markets globally. In 2014, the CFTC declared virtual currencies to be a “commodity” subject to oversight pursuant to its authority under the Commodity Exchange Act (CEA).
We believe that the Ethereum Network will continue to evolve and Ether would benefit from Commodity Futures Trading Commission (CFTC) — regulated futures contracts, for the same reasons other cash commodities markets do.
Ethereum has real functionality and use cases, with real people, firms and governments beginning to use the network. The structure of the Ether market has many similarities with existing commodity markets and we believe the precedents and standards already in existence for those markets can be applied to Ether. Finally, we see this as an opportunity for the CFTC to continue supporting innovation in the futures markets.
We invite you to read our Comment Letter in its entirety and see how ErisX is well positioned to be a spot and futures platform for virtual currencies.