Share this article
Facebook Holds Talks With CFTC Over GlobalCoin Cryptocurrency: Report
Facebook has started discussion with the U.S. CFTC over potential regulatory issues over the social media giant's crypto stablecoin initiative.
By Wolfie Zhao
Updated Sep 13, 2021, 9:15 a.m. Published Jun 3, 2019, 3:00 a.m.
Facebook has started a discussion with the U.S. Commodity and Futures Trading Commission (CFTC) over the social media giant's crypto stablecoin initiative.
According to a report from the Financial Times on Sunday, the CFTC chairman Christopher Giancarlo said the agency held "very early stages of conversations” with Facebook. The goal was to better understand if the firm's crypto stablecoin could potentially fall under the CFTC's regulatory remit.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“We’re very interested in understanding it better,” Giancarlo was quoted as saying in the report. “We can only act on an application, we don’t have anything in front of us.”
The news comes amid recent reports that Facebook also held talks with government officials in both the U.S. and the U.K. to discuss opportunities and regulatory issues for its crypto stablecoin called GlobalCoin.
The cryptocurrency, under Facebook's Project Libra, is reportedly aimed to allow Facebook's global users to transfer money across borders and to make online purchases.
Giancarlo added it's now too soon to say whether Facebook's GlobalCoin could fall under CFTC's remit but said if the cryptocurrency could be backed by the U.S. dollar, then there might be less of a need for derivatives tied to it.
“That’s very clever,” Giancarlo said of this design. However, the report added that one top compliance issue by regulators is whether and how Facebook will adhere to and implement the anti-money laundering and know-your-customer measures.
CFTC image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
SGX's Crypto Futures Draw New Liquidity, Not Diverted Cash, Exchange's President Says
Institutions are pursuing cash-and-carry arbitrage, not outright bullish plays, Syn said.
What to know:
- SGX's bitcoin and ether perpetual futures are building liquidity incrementally, Michael Syn, president of the Singapore exchange, said.
- Institutions are pursuing cash-and-carry arbitrage, not outright bullish plays, he added.
- The exchange's regulated perpetual futures offer improved risk-management practices, avoiding the high-leverage auto-liquidations common in unregulated markets.
Top Stories
