Chairman Behnam announces reorganization of technology and customer outreach
Washington DC — Commodity Futures Trading Commission Chairman Rostin Behnam today announced a reorganization of FinTech and customer protection measures and changes to key roles as the agency evolves to meet changing markets and market demographics. Chairman Behnam strengthens the agency’s FinTech efforts by creating the Office of Technology Innovation (OTI), formerly LabCFTC, and appointing Jorge Herrada as director. In addition, the Chairman announced today that FinTech specialist Jason Somensatto, in addition to continuing his role at OTI, will join the Chairman’s Office along with Legal Counsel David Felsenthal. Furthermore, and in response to an unprecedented increase in retail futures, options and digital asset trading, today Chairman Behnam announced the reorganization of the Office of Customer Education and Outreach (OCEO) within the Office of Public Affairs. Steve Adamske is director of the Office of Public Affairs and will also serve as interim director of OCEO with additional personnel changes to be announced at a later date.
The new Office of Technology Innovation will continue the CFTC’s efforts to incorporate innovation and technology into the agency’s regulatory oversight and mission-critical functions by supporting the operating divisions and the Commission’s participation in national and international coordination. OTI’s new structure provides greater flexibility and ensures that it continues to serve internal and external stakeholders by, among other things, continuing to support outreach and providing rotational opportunities for CFTC staff to gain exposure and expertise.
This reorganization and staff addition strengthens an already strong team of division directors and office leadership previously announced by Chairman Behnam, including the agency’s first Chief Diversity Officer.
“The accelerated engagement with FinTech through the LabCFTC fulfilled its mission as outlined by former Chairman Giancarlo, and the clear intersection between financial innovation and our markets now calls for an updated strategy,” said Chairman Behnam. “Our resources will be better utilized through an Office of Technology Innovation, which reports directly to the Chairman’s Office and is staffed by a Director, an expert on financial policy and technology, a strategic director of communications and education, and rotational opportunities for all CFTC staff to gain exposure and expertise.”
“As new entrants and infrastructure providers access and participate in our markets, the CFTC has a greater responsibility to provide reliable and verifiable information, education and outreach,” said Chairman Behnam. “Both clients and market participants must act responsibly, and it is incumbent on regulators to ensure that the investing public, including those in underserved communities, have the tools and information to make informed decisions that can affect their personal finances and the larger markets. OCEO is well equipped to do just that.”
Jorge Herrada, Office of Technology Innovation Director
Jorge Herrada will serve as the new director of the Office of Technology Innovation after recently completing a one-year detail as a senior technology advisor for the TechLab at the Federal Reserve Board of Governors, where he helped guide the vision and experiments regarding the central bank’s Digital Currency (CBDC). Prior to joining the Federal Reserve Board, Jorge served for four years as Senior Technology Advisor for LabCFTC, where he focused on innovation, advanced technology, analytics, finance, Distributed Ledger Technology (DLT) and cryptocurrencies. He chaired the CFTC Technology Advisory Committee’s Virtual Currency Subcommittee, DLT Subcommittee and High-Frequency Subcommittee. Prior to joining the Commodity Futures Trading Commission (CFTC), Herrada served as Senior Principal at American Management Systems (AMS – now CGI). At AMS, he was a system architect and software engineer. Herrada earned an MBA from the University of Chicago, an MSc from the London School of Economics and a BS in Management Science from Shippensburg University of Pennsylvania.
Jason Somensatto, FinTech policy and technology advisor
Jason Somensatto will join Chairman Behnam’s office as a FinTech Policy Specialist, where he will advise the Chairman on the CFTC’s oversight of the digital asset market. He joined the CFTC in February 2021 and previously served as Acting Director of LabCFTC. Prior to joining the CFTC, Mr. Somensatto was a senior advisor to a startup developing exchange infrastructure for the digital asset market. Since 2014, he has published several articles and spoken publicly about the intersection of financial regulation and distributed ledger technology. Mr. Somensatto also spent over a decade as an attorney in private practice representing clients in government investigations and enforcement matters. He holds a JD from George Washington University Law School and a BA from the University of Virginia.
David Felsenthal, advisor to the chairman
David Felsenthal has been appointed as attorney for the chairman of the board. He will work with questions related to digital values, climate and other issues. Previously, he was a partner and head of the derivatives practice at Clifford Chance US LLP. Prior to that, Mr. Felsenthal was an attorney at the Federal Reserve Bank of New York. He has spoken and written extensively on issues relating to derivatives, regulation and finance. He holds a JD from Harvard Law School and a BA from Princeton University.
