- CFTC has signaled receptiveness to crypto by adding several executives from the blockchain space to its new Technology Advisory Committee.
- The inaugural meeting of the new committee is scheduled for March 22: CFTC commissioner and TAC sponsor Christy Goldsmith Romero.
- Meanwhile, rumors of Federal Reserve bankruptcy are spreading.
The Commodity Futures Trading Commission (CFTC) has hinted at receptiveness to the cryptocurrency and blockchain sectors. In a recent announcement, the regulator declared the enlisting of executives from Circle, Ava Labs, and Fireblocks to its new Technology Advisory Committee (TAC).
Today @CFTCcgr announced the membership of the newly constituted Technology Advisory Committee, its Chair, and Vice Chair. Learn more: https://t.co/9sYxiLiiJE
— CFTC (@CFTC) March 13, 2023
CFTC commissioner and TAC sponsor Christy Goldsmith Romero revealed the news through a public statement on March 13, saying that the inauguration meeting for the new committee is scheduled for March 22.
The CFTC established the TAC in 1999 to help the regulator identify and understand the impacts and implications of technological innovation in financial services and markets. An excerpt from the Commission’s announcement reads:
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 TAC is also mandated to offer counsel on tech investments with the potential to support the Commission in executing its surveillance and enforcement duties. Former White House staff Carole House is part of the committee, serving as chair alongside Ari Redboard as vice chair with a background as head of legal and government affairs at blockchain intelligence firm TRM Labs.
Other members with crypto backgrounds include Circle vice president of global policy Corey Then, FireBlocks co-founder and CEO Michael Shaulov, Inca Digital CEO Adam Zarazinski, blockchain auditor Trail of Bits co-founder Dan Guid, and Ava Labs founder and CEO Emin Gün Sirer, who acknowledged the appointment with a Twitter post.
I'm thrilled to have been appointed to the CFTC's Technical Advisory Board. I'll do everything I can to move the space forward, inform regulators about the latest developments in crypto, and bring the benefits of blockchains to our financial system.https://t.co/5RpC1pb8Sd
— Emin Gün Sirer (@el33th4xor) March 13, 2023
Beyond crypto, officials from renowned firms like IBM, Amazon, the CME Group, and Cboe Global Markets have also been selected for the TAC, together with university professors with legal backgrounds.
In the announcement, Goldsmith Romero articulated the need to work with members from private tech and other entities in regulating and protecting the commodities/futures market.
The CFTC’s collaborative approach hints at a newly found receptiveness to crypto, something other US agencies like the Securities and Exchange Commission (SEC) have been unable to do. The development has also come in tandem with the Federal Reserve’s first annual operational posting.
Federal Reserve Post First Annual Operation Loss of $80 Billion
Bitcoin Twitter account has revealed that the Federal Reserve is now technically bankrupt, alleging that the Fed will post its first annual operating loss of $80 billion in 2023.
The @federalreserve is technically bankrupt.
— Bitcoin (@Bitcoin) March 14, 2023
In 2023 the Fed will post its first annual operating loss of $80 billion since 1915 and will have a negative capital of $38B.
This loss does not count the $1.3 trillion unrealized loss on its portfolio. pic.twitter.com/DMYFhXGx59
Notably, this is the first time since 1915 that the annual operating loss is as high as $80 billion, with the Fed said to have negative capital of $38 billion. It is worth mentioning that the $1.3 trillion in unrealized losses on the Fed’s portfolio is not included in this loss.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.