The Commodity Futures Trading Commission (CFTC) chairman, Heath Tarbert, has recently, stated that soon the Ethereum Futures may become a significant derivative product in the cryptocurrency space. Tarbert also stated that he hopes that for digital assets and blockchain adoption the United States could lead the race.
Tarbert mentioned that the Bitcoin and Ethereum were considered commodities, therefore, they fall under CFTC’s jurisdiction. He also said that the Futures market of cryptocurrency was dominated by the Bitcoin but soon the Ethereum might also launch its own similar product.
Tarbert, while talking about the action of his agency regarding the cryptocurrency space and Futures market, said that when the exchanges listed the future products of cash-settled and physical-settled BTC, at that time the CFTC had done a lot in the digital asset space. Tarbert added, “My guess is we are going to see Ether Futures as well. And as things start to migrate into the commodity space, we will see even more.”
According to a report, recently, the President of the Bitcoin Futures trading platform, Bakkt, Adam White, has also given a hint regarding the Ethereum Futures. White while supporting Tarbert’s view has said that at present the CFTC has theoretically approved the futures on Bitcoin and Ethereum only.
A few months ago, Tarbert urged the US government to do more in terms of digital assets and blockchain innovations, so that the US could become the leader in that manner. Tarbert has also mentioned that earlier, CFTC was open for companies so that they could apply to list ether futures contract but to date, no company came forward regarding it.
Tarbert has recently stated that the cryptocurrency market needs more regulations to make future certain for many crypto derivatives. But the concern was raised for unregulated digital assets because the CFTC has sanctioned Bitcoin and Ethereum as the commodity.