CFTC Meets With Facebook Over Possible Crypto Plans

GlobalCoin Launching in 2020?

The Financial Times (FT) reported on June 2nd that United States regulator, the Commodity Futures Trading Commission (CFTC) is in talks with Facebook about its upcoming stablecoin launch.

Recent comments coming from the Commodity Futures Trading Commission regulator’s chairman, J. Christopher Giancarlo, imply that an active and collaborative relationship with Mark Zuckerberg’s Facebook is forming.

Citing chairman J. Christopher Giancarlo, the publication announced that Facebook is seeking to smooth out the regulatory landscape in advance of the asset, presently nicknamed GlobalCoin, allegedly going live next year.

“We’re very interested in understanding it better,” the FT quoted Giancarlo as saying, himself adding 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. As Cointelegraph revealed, Facebook has spawned significant buzz around its rumored plans for GlobalCoin, with several sources eyeing a form of global payment network bridging both the social media platform and its sister businesses Whatsapp and Instagram.

Users would ostensibly be able to send one another funds, along with make in-app purchases.

Globalcoin facebook coin

Late May, the FT believed Facebook executives were in similar preliminary forums with U.S. cryptocurrency exchanges Coinbase and Gemini over the launch and possible liquidity solutions.

No party has yet validated the plans, which came by virtue of two anonymous sources.

Talking to mainstream media last week, meanwhile, a senior executive of fellow U.S. platform BitPay put forward that once live, GlobalCoin would shape one of the major driving factors for catapulting bitcoin (BTC) into the public spotlight once again, along with lifting its price.

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