CFTC Signals Receptiveness To Crypto, Adds Circle, Ava Labs, and Fireblocks Execs To Tech Advisory Group

Updated: 14 March 2023

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The technology advisory committee will help the CFTC identify and understand the impacts and implications of technological innovation in financial services and markets.

What: CFTC has signaled receptiveness to crypto by adding several executives from the blockchain space as part of its new Technology Advisory Committee.
Why: TAC is also mandated to offer counsel on tech investments with the potential to support the Commission in executing its surveillance and enforcement duties
What Next: The inaugural meeting of the new committee is scheduled for March 22: CFTC commissioner and TAC sponsor Christy Goldsmith Romero.

The Commodity Futures Trading Commission (CFTC) has shown signs of being receptive to the cryptocurrency and blockchain sectors. In the latest development, the regulator has announced that they have included executives from Circle, Ava Labs, and Fireblocks in the new Technology Advisory Committee (TAC).

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

The news was first revealed by CFTC commissioner and TAC sponsor Christy Goldsmith Romero in a public statement on March 13. In the declaration, she disclosed that the inauguration meeting for the new committee has been slated for March 22, a week from now. The TAC is a 1999 establishment of the CFTC. Its objective is to help the regulator “identify and understand the impacts and implications of technological innovation in financial services and markets.” A paragraph from the Commission’s announcement states:

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 TAC is also responsible for providing advice on technology-related investments. The role extends to supporting the Commission in executing its surveillance and enforcement duties.

CFTC TAC Members From The Crypto And Blockchain Field

From the report, the Technology Advisory Committee will be chaired by former White House staff Carole House. As vice chair, the regulator has identified Ari Redboard, who boasts a background in the blockchain sector. Redboard is the head of legal and government affairs at blockchain intelligence firm TRM Labs. Other members from the crypto sector include Circle vice president of global policy Corey Then. Furthermore, there is also FireBlocks co-founder and CEO Michael Shaulov, and Inca Digital CEO Adam Zarazinski. Additionally, blockchain auditor Trail of Bits co-founder Dan Guid, and Ava Labs founder and CEO Emin Gün Sirer are also in the group. The latter acknowledged the appointment with a Twitter post.

I'm thrilled to have been appointed to the CFTC's Technical Advisory Board. 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.https://t.co/5RpC1pb8Sd

— Emin Gün Sirer? (@el33th4xor) March 13, 2023

Outside the crypto and blockchain sectors, officials from renowned companies such as IBM, Amazon, the CME Group, and Cboe Global Markets will also be part of the TAC. Moreover, there are also university professors with legal backgrounds from Cornell and the University of Michigan. In the announcement, Goldsmith Romero also emphasized the need for collaboration with members from private tech and other organizations in the regulation and protection of the commodities/futures market.

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.

The CFTC’s collaborative approach indicates a newly found receptiveness to crypto. This is something other U.S. agencies like the Securities and Exchange Commission (SEC) have been unable to achieve. Moreover, Coinbase CEO Brian Armstrong, Kraken co-founder Jesse Powell, and Custodia Bank CEO Caitlin Long are among those who have called out issues in their proactive attempts to work with the SEC and the government at large.

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