CFTC adds executives from Circle, Ava Labs and Fireblocks to technical advisory group
The Commodity Futures Trading Commission (CFTC) has signaled receptiveness to the crypto and blockchain sector after including several executives from the space as part of its new Technology Advisory Committee (TAC).
CFTC Commissioner and TAC sponsor Christy Goldsmith Romero announced the updated membership via a public statement on March 13, with the inaugural meeting of the new committee scheduled for March 22.
The TAC itself was formed in 1999 and aims to help the CFTC “identify and understand the impacts and implications of technological innovation in financial services and markets.”
“The TAC may inform the Commission’s assessment of technology-related issues in support of its mission to ensure the integrity of derivatives and commodity markets and the achievement of other public interest objectives,” the announcement said.
The TAC also has the potential to advise on technology investments that “could support the Commission in fulfilling its monitoring and enforcement responsibilities.”
Former White House official Carole House will serve as chair, with Ari Redboard, the head of legal and government affairs at blockchain intelligence firm TRM Labs, as vice chair.
Other crypto-related members include Ava Labs founder and CEO Emin Gün Sirer, Circle Vice President of Global Policy Corey Then, co-founder and CEO of FireBlocks digital asset platform Michael Shaulov, Digital Asset Analytics firm Inca Digital CEO Adam Zarazinski and blockchain auditor Trail by Bit co-founder Dan Guid.
Outside of crypto, executives from major companies such as IBM, Amazon, CME Group and Cboe Global Markets are also included in the TAC. While there is also a strong showing of professors from the university’s law schools such as Cornell and the University of Michigan.
As part of the announcement, Goldsmith Romero emphasized the importance of working with members from private technology and other organizations to regulate and protect the commodity/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 new technologies such as artificial intelligence are well understood, the Commission requires advice from technology experts. “
“These experts can provide us with fundamental knowledge of the technology, as well as the complex and nuanced impacts and implications of technology on financial markets,” she added.
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The collaborative approach of the CFTC appears to be in stark contrast to that of the other US agencies such as the Securities and Exchange Commission (SEC), which has reportedly acted frostily towards crypto firms behind closed doors.
Executives like Coinbase CEO Brian Armstrong, Kraken co-founder Jesse Powell, and Custodia Bank CEO Caitlin Long have all highlighted problems with trying to proactively work with the SEC and the government over the past couple of years.
