The Commodity Futures Trading Commission (CFTC) has signaled its receptivity to the crypto and blockchain sector after including several executives from the board as part of its new Technology Advisory Committee (TAC).
CFTC Commissioner and TAC sponsor Christy Goldsmith Romero announced the renewed membership through a public statement on March 13, with the new committee’s inaugural meeting scheduled for March 22.
The TAC itself was formed in 1999 and aims to assist the CFTC in “identifying and understanding the impact and implications of technological innovation in financial services and markets.”
“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 to achieve other public interest objectives,” the announcement read.
Today @CFTCcgr announced the membership of the newly formed Technology Advisory Committee, Chair, and Vice Chair. Learn more: https://t.co/9sYxiLiiJE
— CFTC (@CFTC) March 13, 2023
The TAC also has the potential to advise on technology investments that “could support the Commission in fulfilling its oversight and enforcement responsibilities.”
Former White House official Carole House will serve as chair, with Ari Redboard, head of legal and government affairs at blockchain intelligence firm TRM Labs serving as vice chair.
Other crypto-related members include Ava Labs founder and CEO Emin Gün Sirer, Circle vice president of global policy Corey Then, digital asset platform FireBlocks co-founder and CEO, Michael Shaulov, digital asset analytics firm Inca Digital CEO Adam Zarazinski and blockchain auditor Trail . from Bits co-founder Dan Guid.
I am pleased to have been appointed to the CFTC’s Technical Advisory Board. I will do everything I can to move the space forward, inform regulators about the latest developments in crypto, and bring the benefits of blockchain to our financial system.https://t.co/5RpC1pb8Sd
— Emin Gün Sirer (@el33th4xor) March 13, 2023
Outside of crypto, executives from major companies such as IBM, Amazon, CME Group and Cboe Global Markets have also been included in the TAC. While there are also professors from university law schools such as Cornell and the University of Michigan.
As part of the announcement, Goldsmith Romero emphasized the importance of working with members of the private sector and other organizations to manage 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 emerging technologies such as artificial intelligence are understood, the Commission needs advice from technologists.”
“These experts can provide basic knowledge of the technology, as well as the complex and nuanced impact and implications of the technology on the financial markets,” he added.
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The collaborative approach of the CFTC stands in stark contrast to other US agencies such as the Securities and Exchange Commission (SEC), which has reportedly acted frostily against crypto companies behind closed doors.
Executives such as 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 few years.