CFTC appoints crypto execs to its Technology Advisory Committee
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(Kitco News) - As the calls to develop comprehensive cryptocurrency regulation grow louder, the Commodity Futures Trading Commission (CFTC) has signaled that it is adopting a more open stance to the sector with the inclusion of several new voices from the crypto industry on its Technology Advisory Committee (TAC).
Commissioner Christy Goldsmith Romero, the sponsor of the CFTC’s new Technology Advisory Committee (TAC), announced the newly constituted membership of TAC on Monday, which now includes the likes of Ava Labs founder and CEO Emin Gün Sirer, Circle vice president of global policy Corey Then, FireBlocks co-founder and CEO Michael Shaulov, Inca Digital CEO Adam Zarazinski and blockchain auditor Trail of Bits co-founder Dan Guid.
“I'm thrilled to have been appointed to the CFTC's Technical Advisory Board,” Emin Gün Sirer tweeted in response to the announcement. “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.”
The TAC was originally formed in 1999 with the goal of assisting the CFTC with “identifying and understanding the impacts and implications of technological innovation in financial services and markets.”
According to the announcement, “The TAC may inform the Commission’s consideration of technology-related issues in support of its mission to ensure the integrity of derivatives and commodities markets and the achievement of other public interest objectives.”
The committee also assists the CFTC by providing advice on technological investments that help support the Commission’s goals in regard to surveillance and enforcement responsibilities.
Former White House official Carole House will serve as the chair of the committee, with Ari Redboard, the head of legal and government affairs at blockchain intelligence firm TRM Labs, serving as the vice chair.
“To protect our markets from increasingly-sophisticated cyber attacks, to ensure responsible development of digital assets in a way that protects customers, and to ensure that the implications of emerging technologies like artificial intelligence are well understood, the Commission requires advice from technology experts,” Commissioner Romero said. “These experts can provide us foundational knowledge about the technology, as well as the complex and nuanced impacts and implications of technology on financial markets.”
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Aside from the crypto-related additions to TAC, executives from IBM, Amazon, the CME Group and Cboe Global Markets have also joined the committee, along with several professors from university law schools, including Cornell and the University of Michigan. The inaugural meeting of the new committee is set to take place on March 22.
This open, collaborative approach by the CFTC is a welcome sight for many in the crypto industry who have been lamenting the oppositional approach that other regulators, such as the Securities and Exchange Commission, have taken towards crypto up to this point.