Join Aptos Lab CEO And Co-founder Mo Shaikh In Shaping CFTC Subcommittee
Teaming up with the Commodity Futures Trading Commission (CFTC), Mo Shaikh, CEO, and Co-founder of Aptos Labs, has secured a seat on the CFTCβs Digital Asset Market Subcommittee, as per reports from DL News. This collaboration opens avenues for Shaikh to play a pivotal role in molding the CFTC’s approach to digital assets.
- CFTC’s Global Markets Advisory Committee was established in 1998 to advise on matters impacting U.S. market integrity and competitiveness.
- Shaikh has a robust background, previously leading Meridio, a blockchain-driven real estate app, and consulting with the World Economic Forum on central bank digital currencies (CBDCs).
What Can You Expect From CFTC’s Crypto Regulatory Efforts?
Originating from Silicon Valley in 2021, Aptos Labs was co-founded by Shaikh alongside CTO Avery Ching. Both ex-Facebook blockchain team members, they garnered initial financial support from major crypto players like Binance Labs and Jump Crypto.
- A Bloomberg report from September 2022 highlighted Aptos Labs’ valuation at an impressive $4 billion.
- Recent public attention around the CFTC mainly revolves around digital asset regulations.
- The House of Representatives recently passed the FIT21 Act, emphasizing the CFTC’s expanded authority over cryptocurrencies, diverging from the SEC.
Will The CFTC Take The Lead In Driving Crypto Regulations Forward?
In light of this development, if the Senate approves the bill, President Joe Biden’s administration aims to collaborate with Congress to devise a comprehensive regulatory framework promoting responsible digital asset development and payment innovation.
- Observers are keenly watching to see if the CFTC’s influence in the crypto space will amplify, especially given the bipartisan support for FIT21 and Shaikh’s recent subcommittee participation.
Hot Take: Future Prospects for CFTC’s Crypto Oversight
With Mo Shaikh’s integration into the CFTC’s Digital Asset Market Subcommittee, a new chapter unfolds in the realm of digital asset regulations. Keep an eye on how the CFTC steers its stance on cryptocurrencies, aligning with evolving market dynamics and regulations.
Sources:
- CFTC: Global Markets Advisory Committee
- Bloomberg: September 2022 Report
- Whitehouse: Comprehensive Regulatory Framework
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