Leaders crypto industry invited by CFTC to meeting of technical committee
2023.03.02 03:19
Leaders crypto industry invited by CFTC to meeting of technical committee
By Tiffany Smith
Budrigannews.com – At a upcoming meeting of its tech committee, the commodities regulator in the United States has invited executives from the crypto industry to present. At that meeting, the regulator will examine the decentralized finance industry in detail.
On March 1, the Commodities Futures Trading Commission (CFTC) made the announcement that a panel on “exploring issues in decentralized finance” would be on the agenda for the Technology Advisory Committee meeting on March 22.
In addition to cybersecurity threats to financial markets, other panels will discuss responsible AI development and potential threats posed by AI.
In a statement, CFTC Commissioner Christy Goldsmith Romero stated that the panel has the chance “to look beyond labels and examine the issues presented by DeFi thoughtfully and holistically.” She added the following:
“A discussion about DeFi, including cyber vulnerabilities, indicators of “decentralization,” digital identity, and unhosted wallets, will contribute to ongoing policy discussions outside of the Beltway.”
Decentralization issues, digital identity, noncustodial crypto wallets, and exploits will all be the subject of presentations on the panel, which will include overviews of the DeFi ecosystem and presentations on these topics.
“Join us on Wednesday, March 22 for a webcast of presentations by cybersecurity experts: The ION Markets Attack and Beyond: Investigating Responsible AI and Decentralized Finance https://t.co/iwQvR6fSv2.”
During the meeting, executives from crypto firms such as Fireblocks, a platform for crypto custody, Trail Of Bits, Terranet Ventures, a venture capital firm, and Metrika and TRM Labs, two blockchain intelligence firms, are scheduled to speak.
A session on a crypto and blockchain technology subcommittee will also be on the agenda of the meeting in an additional effort to bolster its bid for regulatory jurisdiction over crypto.
At its inaugural meeting last month, the CFTC’s Global Markets Advisory Committee discussed digital asset markets.
The meeting on February 13 was overseen by Commissioner Caroline Pham, who stated that crypto markets are “truly borderless” and urged policymakers to “understand what is happening” so that the United States’ policy approach “does not leave Americans behind and playing catch-up.”
The commissioners of the CFTC have been urging Congress to grant the regulator oversight over the cryptocurrency industry, which has been edging toward regulatory control by the CFTC over the Securities and Exchange Commission.
Rostin Behnam, chairman of the CFTC, has made a similar effort to explain why the regulator should have jurisdiction over the sector, claiming that the commission was “well positioned” to address regulatory deficiencies.
