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Regulatory Series on Cryptocurrencies: CFTC Top-Notch Officials Praise Digital Assets, Blockchain and FinTech Prominence in LabCFTC

The newly appointed chairman Heath P. Tarbert has recently announced ‘LabCFTC’ at ‘Fintech Forward 2019’ event which is going to transform into an independent FinTech arm of CFTC  and reporting directly to the Chairman. At this event, the LabCFTC has discussed the impact of derivatives on Crypto-Asset, Stable-Coin Oversight and Custody Models in FinTech. 

“LabCFTC was established to be a beachhead in the emerging world of fintech,” said Chairman Tarbert. “Blockchain, digital assets, and other developments hold great promise for our economy. Now is the time for LabCFTC to play an even greater role as we work to develop and write the rules for these transformative new products. That reality requires engagement at the highest levels within the CFTC, which is why I am elevating LabCFTC to be an independent operating office of the agency and a direct report to me.” 

At the U.S. Commodity Futures Trading Commission’s Fintech Forward conference today, Chairman Heath P. Tarbert announced LabCFTC will become an independent operating office of the CFTC, reporting directly to the Chairman.

Established within the Office of General Counsel in 2017 under then-Chairman Chris Giancarlo, LabCFTC was designed to be the agency’s focal point to engage with fintech innovators and promote responsible innovation. The office is currently led by Director and Chief Innovation Officer Melissa Netram, who was recently appointed by Chairman Tarbert and previously served as a policy and regulatory affairs executive at Silicon Valley-based Intuit. 

“LabCFTC has done fantastic work since its inception to examine emerging fintech issues and bring together innovators and regulators,” said General Counsel Dan Davis. “The Chairman’s elevation of LabCFTC reflects its growth and importance as well as his pro-innovation mindset for the agency.” 

“I want to thank Dan for his outstanding leadership overseeing this important initiative,” added Chairman Tarbert. 

“Progress depends on how well regulators respond to financial innovation,” said Netram. “LabCFTC is at the forefront of exploring and examining the value of innovation in our financial markets and making our agency accessible to fintech innovators. I’m excited to be a part of the agency and believe the elevation of the office speaks to the value and commitment the Chairman is placing on fostering innovation at the CFTC.”

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