The United States commodities regulator is set to take a closer look at the decentralized finance (DeFi) space at an upcoming meeting of its technology committee, where it has also invited executives from the cryptocurrency industry to present.
The Commodity Futures Trading Commission (CFTC) stated on March 1 that the agenda for the March 22 meeting of its Technology Advisory Committee (TAC) will include a panel on “exploring issues in financial decentralized”.
Other panels will explore the responsible development of Artificial Intelligence (AI) and potential AI-derived threats, along with cybersecurity threats to financial markets.
CFTC Commissioner Christy Goldsmith Romero said in a statement that the panel has an opportunity to “look beyond the labels and examine the issues presented by DeFi in a thoughtful and holistic manner,” adding:
“A discussion of DeFi, including cyber vulnerabilities, ‘decentralization’ indicators, digital identity, and non-hosted wallets, will contribute to the ongoing policy debates in Washington, DC, and beyond the Beltway.”
The panel will include presentations providing an overview of the DeFi ecosystem and discussing issues of decentralization, digital identity, non-custodial crypto wallets, and exploits.
Join us 3/22 (webcast) to hear presentations from experts on Cybersecurity: The ION Markets Attack and Beyond, Exploring Decentralized Finance, and Responsible Artificial Intelligence https://t.co/iwQvR6fSv2
— Commissioner Christy Goldsmith Romero (@CFTCcgr) March 1, 2023
Executives from crypto companies such as cryptocurrency custody platform Fireblocks, security firm Trail Of Bits, venture capital firm Terranet Ventures, and blockchain intelligence firms TRM Labs and Metrika are expected to present presentations during the meeting.
The agenda for the meeting will also include a session to consider the creation of a subcommittee on cryptocurrencies and blockchain technology, in another attempt to consolidate its bid to seize regulatory jurisdiction over cryptocurrencies.
Previously, on February 13, the CFTC’s Global Markets Advisory Committee (GMAC) met and discussed digital asset markets at its inaugural meeting.
Commissioner Caroline Pham, who oversaw the meeting, said cryptocurrency markets are “truly borderless,” urging policymakers to “understand what’s going on” so that the US policy approach “doesn’t leave the Americans behind and playing catch up.”
The CFTC has been pushing for the Securities and Exchange Commission (SEC) to rein in the burgeoning cryptocurrency industry, and CFTC commissioners have urged Congress to give the regulator oversight of cryptocurrencies.
CFTC Chairman Rostin Behnam has also sought to justify why the regulator should have authority over the sector, stating that the commission was “well positioned” to address regulatory deficiencies.
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