Derived from The Street Crypto, the U.S. Commodity Futures Trading Commission (CFTC) has recognized Floki (FLOKI), a memecoin inspired by Elon Musk's dog, as a utility token. This recognition occurred during the Global Markets Advisory Committee (GMAC) meeting on November 21, 2024, which aimed to clarify digital asset markets. Floki's mention alongside Ethereum and Avalanche highlights its expanding ecosystem, particularly its blockchain-based metaverse game, Valhalla, set to launch in 2025. The game uses FLOKI as its primary currency, contributing to its classification as a utility token. The GMAC, established by the CFTC in 1998, advises on U.S. market competitiveness and regulatory challenges. The Digital Asset Markets Subcommittee is working to enhance transparency in crypto regulation, focusing on whether tokens are commodities or securities. Floki's rapid ecosystem growth includes the DeFi platform FlokiFi and Floki University, an educational initiative.
Floki Recognized as Utility Token by CFTC in GMAC Meeting
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