Ethereum is breaking through some key technical chart points after the CFTC permissioned derivatives on the token to be traded stateside.
Said “a person” at the CFTC, according to reports: “I think we can get comfortable with an ether derivative being under our jurisdiction,” said the person, who did not want to be identified because the regulator does not typically publicize decisions to adopt new products.
“We don’t do bold pronouncements, what we do is we look at applications before us,” the official said, explaining:
“A derivatives exchange comes to us and says ‘we want to launch this particular product.’ … If they came to us with a particular derivative that met our requirements, I think that there’s a good chance that it would be [allowed to be] self-certified by us.”
And there you have it straight from the horse’s mouth, as my Dad used to say. (That’s my daughter – not a real unicorn – in the photo.)
Back to ETH: big deal. Why. Because people in the US can now get short this thing without using VPNs (sometimes illegally) or having substantial balance sheet to borrow coins on margin. ETH shorts will give prop firms a way to express market views; this should add liquidity.
And something even less trivial: confidence. The one thing crypto sorely lacks.