MakerDAO and Two Stablecoins Meet CFTC Over Stablecoins – Cryptocurrency Regulation

The United States Commodity Futures Trading Commission (CFTC)’s Technology Advisory Committee held a public meeting MakerDAO and two other stable coins to better understand the industry.

According to reports, MakerDAO, as well as, JPM Coin, and Paxos attended the meeting to discuss different aspects of stablecoins. Although, the meeting covered other aspects like cryptocurrency insurance, custody practices, and cybersecurity.

Firstly, in trying to shed more light on the definition of stablecoin a statement from the CFTC spoke about the definition of stablecoins. A post explained that they’re commonly thought of as a class of virtual currencies that seek to offer price stability against another asset, by being backed by that asset in reserve, like fiat currency(ies) or certain physical commodities like precious metals.

“Although the definition of a stablecoin remains evolving,” a post said.

Besides, Steven Becker, President, and COO of the MakerDAO Foundation provided an…