The US Commodity Futures Trading Commission (CFTC) has set its inaugural members for its newly formed crypto regulatory committee. This featured crypto heavyweights’ CEOs from Coinbase, Ripple, and Robinhood.
Ripple, Coinbase, Robinhood Execs Named in CFTC Committee
The US commission, which is expected to be the primary crypto market regulator, has appointed several of the crypto space’s most prominent executives to the newly established “Innovation Advisory Committee.”
The 35-member panel will guide the U.S. derivatives market regulator on the needs of firms on financial innovation. Moreover, in its bid to fill up its membership, the agency has chosen to use the existing CEO council that was set up at the end of last year, before CFTC Chairman Mike Selig was appointed.
The committee includes blockchain representatives such as Ripple’s CEO, Brad Garlinghouse, Sergey Nazarov, the CEO of Chainlink Labs, as well as Brian Armstrong from Coinbase. Bullish, Crypto.com, Gemini, and Kraken executives are present in the committee and other trading platforms as well.
Additionally, these advisors will also include the heads of many of the more traditional companies and organizations. This includes the Chief Executives of Nasdaq, CME Group, and Cboe Global Markets.
The CFTC has been making major steps to clarify rules on how it would regulate the crypto market. Just last month, the regulator and the SEC held a meeting to deliberate further on specific jurisdictions for each agency.
Crypto Clarity Grows In the U.S.
The commission chair, Selig, has continued to indicate that under his administration, there will be a more lenient regulatory atmosphere for the digital asset industry and other financial innovations like prediction markets. The regulator had, together with the SEC, initiated “Project Crypto” to improve the regulation of crypto.
In addition, last month, an MOU between the SEC and the CFTC was signed. This would outline the relationship between them. This is part of the plan for the growth of the industry. This would significantly enhance the position of the US in the crypto market globally.
Also, the former directives on digital assets issued so far by the agency were abolished by the commission last year. They cited the changing nature of the crypto space as a major reason for this action. The agency believes the former guidelines do not reflect the mode of operation as it is today.
Source: https://coingape.com/u-s-cftc-committee-appoint-ripple-coinbase-robinhood-ceos-to-boost-crypto-regulation/
