CFTC Chairman: Facebook's stable currency design is "very smart"

According to recent media reports, CFTC Chairman Christopher Giancarlo revealed that the overall design of Facebook's latest stable currency program is “very smart” and that the major compliance issues that the project may face will revolve around the existence of appropriate KYC and AML reviews. Although it is too early to classify Facebook's GlobalCoin as a specific type of financial instrument regulated by the CFTC, Giancarlo points out that if the social media giant's stable currency is supported by the US dollar, then it may not be necessary to bundle the currency with derivatives. together. Giancarlo also mentioned that Facebook has not provided any details about GlobalCoin to CFTC in writing.