The technology advisory group aims to help the CFTC “identify and comprehend the ramifications and implications of technological innovation in financial services and markets.”
The Commodities Futures Trading Commission (CFTC) has shown interest in the crypto and blockchain sectors by appointing numerous leaders from the industry to its new Technology Advisory Group (TAC).
Christy Goldsmith Romero, CFTC commissioner and TAC sponsor revealed the amended membership in a public statement on March 13, with the maiden meeting of the new committee scheduled for March 22.
The TAC was established in 1999 with the goal of assisting the CFTC in “identifying and comprehending the effects 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 the achievement of other public interest objectives,” the announcement reads.
The TAC may also provide advice on technological investments that “may assist the Commission in achieving its monitoring and enforcement tasks.”
Carole House, a former White House official, will serve as chair, while Ari Redboard, the head of legal and government affairs at blockchain intelligence business TRM Labs, will serve as vice chair.
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 of Bits co-founder Dan Guid are among the other crypto-related members.
Outside cryptocurrency, the TAC includes leaders from big corporations like IBM, Amazon, the CME Group, and Cboe Global Markets. Professors from university law schools such as Cornell and the University of Michigan are likewise well represented.
Goldsmith Romero stressed the significance of working with members of the private tech and other organizations to govern and preserve the commodities/futures market as part of the announcement:
“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.”
“These experts can provide us foundational knowledge about the technology, as well as the complex and nuanced impacts and implications of technology on financial markets,” she added.
The CFTC’s collaborative approach appears to starkly contrast to those of other U.S. authorities, such as the Securities and Exchange Commission (SEC), which has reportedly acted coldly with crypto businesses behind closed doors.
Over the last few years, executives such as Coinbase CEO Brian Armstrong, Kraken co-founder Jesse Powell, and Custodia Bank CEO Caitlin Long have all raised concerns about proactively working with the SEC and the government.
