The U.S. Commodity Futures Trading Commission (CFTC) has “re-established” the Technology Advisory Committee (TAC), which will discuss technologies such as Bitcoin and altcoin projects and Blockchain. According to the latest developments, executives of well-known projects in the crypto space have joined this committee. Here are the details…
CFTC establishes new technology-focused committee
The Commodity Futures Trading Commission (CFTC) has named former White House official Carole House as its new chairman and Ari Redboard of blockchain analysis firm TRM Labs as vice chair of the Technology Advisory Committee. The CFTC released a list of its members to the committee on Monday, announcing that the committee was newly formed and backed by the commissioner, Christy Goldsmith Romero, who took office last March.
Today @CFTCcgr announced the membership of the newly constituted Technology Advisory Committee, its Chair, and Vice Chair. Learn more: https://t.co/9sYxiLiiJE
— CFTC (@CFTC) March 13, 2023
So CFTC commissioner and TAC sponsor Christy Goldsmith Romero announced the updated membership in a press release on March 13, with the new committee’s inaugural meeting on March 22. TAC itself was founded in 1999 and aims to assist the CFTC in “identifying and understanding the effects and consequences of technological innovation in financial services and markets”. “TAC can inform you that the Commission is considering technology-related issues to support its mission to ensure the integrity of derivatives and commodities markets and the achievement of other public interest objectives,” the announcement said.
TAC also has the potential to advise on technology investments that “could support the Commission in meeting its oversight and enforcement responsibilities”. Former White House official Carole House will serve as committee chair, and Ari Redboard, head of legal and government at blockchain intelligence firm TRM Labs, will serve as vice president.
These altcoin executives joined the committee
Other crypto-related members include Emin Gün Sirer, founder and CEO of Ava Labs behind the AVAX altcoin project, and Corey Then, vice president of global policy at Circle, issuer of the popular stablecoin USDC. Also joining the committee are FireBlocks co-founder and CEO Michael Shaulov, Inca Digital CEO Adam Zarazinski, and Blockchain auditor Trail of Bits co-founder Dan Guid.
Outside of crypto, traditional industry representatives include IBM’s Francesca Rossi, S&P Global Commodity Insights’ Stanley Guzik, ICE Futures USA president Jennifer Ilkiw, National Futures Association’s Todd Smith, CME’s Sunil Cutinho, and Cboe Digital President John Palmer. . As part of the announcement, Goldsmith Romero highlighted the importance of working with members from private technology and other organizations to regulate and protect the commodity/futures market. He drew attention to the ability of experts to reveal the complex and nuanced effects and consequences of technology on financial markets, as well as fundamental knowledge about technology.
The CFTC’s collaborative approach seems to contrast with that of other US institutions, such as the US Securities and Exchange Commission (SEC), which is known to be cold to crypto firms behind closed doors. cryptocoin.comAs we reported, executives such as Coinbase CEO Brian Armstrong, Kraken co-founder Jesse Powell, and Custodia Bank CEO Caitlin Long have all highlighted the issues that have arisen in trying to work proactively with the SEC and government over the past few years.
