CFTC Appoints Industry Leaders to Advice on Web3 Space Regulation

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The relationship between the Commodity Futures Trading Commission (CFTC) and industry professionals appears to be in stark contradiction with other US authorities, such as the SEC, which has portrayed itself in a manner that is quite unfriendly toward cryptocurrencies.

In a recent announcement, the Commodities Futures Trading Commission (CFTC) named Carole House, an ex-official in the White House, as the new chair of its Technology Advisory Committee. Moreover, the blockchain research firm TRM Labs’ Ari Redboard was named the VC of the committee.

On Monday, the Commodity Futures Trading Commission (CFTC) presented (1) the committee with a list of its members, officially announcing a newly-elected committee with the support of Commissioner Christy Goldsmith Romero, who assumed control of the office in March.

According to a statement by Goldsmith Romero, the security or safeguarding of virtual tokens requires the support of technology professionals familiar with the implications of developing technologies such as Artificial Intelligence, amongst others.

The experts in this field can provide in-depth knowledge of the technology and the intricate and nuanced implications and consequences that technology has on economic markets.

 

People on the Advisory Board

Former Commodity Futures Trading Commission Commissioner Brian Quintenz, now the head of policy at the VC firm Andreessen Horowitz, was the first person to support the Technology Advisory Committee.

When the Technology Advisory Committee of the Commodity Futures Trading Commission (CFTC) hosted multiple back-to-back meetings on cryptos, blockchain, and regulatory oversight a few years ago.

Briance Quintenz spoke about self-regulatory attempts on cryptos while taking an extremely bullish stance on cryptocurrencies.

By signing an executive order in March 2022 that requested federal organizations to develop strategies to strengthen the regulation of cryptocurrencies, US President Joseph Biden provided the cryptocurrency business in the country a reason to have high hopes for the future.

Carole House, a former director of cybersecurity at the White House, was the person responsible for writing the comprehensive text. Vice President Joe Biden became the public face of the order.

Currently, Carole House is working with Terranet Ventures as an executive-in-residence.

Before joining the blockchain analytics startup, Redbord worked in the United States Treasury Department for quite some time.

Other prominent figures in the cryptocurrency industry have also been elected to serve on the committee. These figures include Corey Then, vice president of Circle; Jill Gunter, chief strategy officer of Espresso Systems; Michael Shaulov, CEO of Fireblocks; Emin Gün Sirer, CEO of Ava Labs; and many others.

Other traditional industry representatives include Francesca Rossi, an IBM Fellow and Head of AI Ethics; Stanley Guzik, Chief Technology and Innovation Officer at S&P Global Commodity Insights; Jennifer Ilkiw, President of ICE Futures US; Todd Smith, Director of Data at the National Futures Association; Sunil Cutinho, Chief Information Officer at CME; and John Palmer, President of Cboe Digital.

The collaboration between the CFTC and industry people contradicts other US agencies, such as the infamous Securities and Exchange Commission, which is said to have presented itself coldly towards cryptos.

The partnership between the CFTC and experienced experts seems to contrast with the other US agencies starkly.

Throughout the past few years, various executives, including the CEO of Coinbase, Brian Armstrong, the co-founder of Kraken, Jesse Powell, and the CEO of Custodia Bank, Caitlin Long, have all underlined the importance of actively working with the SEC and the government.

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