The Commodity Futures Trading Commission has shown its receptivity to the cryptocurrency and blockchain industry by including several industry executives as part of its new Technology Advisory Committee (TAC).
CFTC Commissioner and TAC Sponsor, Christy Goldsmith Romero announced the membership update through a public statement on March 13, and the inaugural meeting of the new committee will take place on March 22.
The TAC was created in 1999 with the goal of helping the CFTC “identify and understand the impact and implications of technological innovation in financial services and markets.
“The TAC may report to the Commission on technology-related issues in support of its mission to ensure the integrity of the derivatives and commodity markets and the pursuit of other public interest objectives,” the announcement reads.
Today @CFTCcgr announced the membership of the newly constituted Technology Advisory Committee, its Chair, and Vice Chair. Learn more: https://t.co/9sYxiLiiJE
—CFTC (@CFTC) March 13, 2023
The @CFTCcgr has announced today the composition of the newly constituted Technology Advisory Committee, as well as its President and Vice President. More information:
The TAC also has the potential to provide advice on technology investments that “could support the Commission in fulfilling its responsibilities monitoring and enforcement.”
Former White House official Carole House will serve as chair of the committee, and Ari Redboard, the head of legal and government affairs at blockchain intelligence firm TRM Labs, will serve as vice chair.
Other cryptocurrency-related members include Ava Labs founder and CEO Emin Gün Sirer, Circle VP of Global Policy Corey Then, FireBlocks co-founder and CEO Michael Shaulov, Inca Digital CEO Adam Zarazinski, and the co-founder of the Trail of Bits blockchain audit, Dan Guid.
I’m thrilled to have been appointed to the CFTC’s Technical Advisory Board. I’ll do everything I can to move the space forward, inform regulators about the latest developments in crypto, and bring the benefits of blockchains to our financial system. https://t.co/5RpC1pb8Sd
— Emin Gun Sirer (@el33th4xor) March 13, 2023
I am delighted to have been appointed to the CFTC Technical Advisory Board. I will do everything in my power to move this space forward, inform regulators about the latest developments in cryptocurrency, and bring the benefits of blockchains to our financial system.
Outside of the cryptocurrency space, executives from large companies such as IBM, Amazon, CME Group and Cboe Global Markets have also been included in the TAC. There is also a strong presence of professors from university law schools like Cornell and the University of Michigan.
As part of the advertisement Goldsmith Romero highlighted the importance of working with members of the private technology sector and other organizations to regulate and protect the commodity and futures market:
“To protect our markets from increasingly sophisticated cyber-attacks, to ensure the responsible development of digital assets in a way that protects customers, and to ensure that the implications of emerging technologies such as artificial intelligence are well understood, the Commission requires the advice of technology experts.”
“These experts can provide us with foundational insights into the technology, as well as the complex and nuanced impacts and implications of technology on financial markets,” he added.
The CFTC’s collaborative approach appears to be in stark contrast to that of other US agencies.such as the Securities and Exchange Commission, which has reportedly been cool towards crypto companies behind closed doors.
executives like Coinbase CEO Brian Armstrong, Kraken co-founder Jesse Powell and Custodia Bank CEO Caitlin Long have highlighted the problems stemming from trying to work proactively with the SEC and the government over the past two years .
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