As part of its efforts to focus extensively on its role as crypto oversight, top derivatives regulator, The Commodity Futures Trading Commission (CFTC) has opened up a new branch. Dubbed the “Office of Technology Innovation,” the department will be made up of the agency’s long-standing fintech unit, formerly known as LabCFTC.
Existing employees to make up the new office, says CFTC
According to CFTC chief, Rostin Behnam, the new office will be headed by a director, who will report directly to him. And in addition, he said there will be no need for new hirings. Behnam also said that while the office will be staffed by experts, the staff will be made up of existing CFTC employees. However, there will be a chance for them all to rotate through the office. This is to enable them to gain more experience in the crypto field.
The CFTC head also talked about the reason behind the creation of the new office. He claims that the upgrade was necessary, especially considering how far crypto oversight has come. In his remarks for a Brookings Institution event held on Monday, he wrote:
“We have moved past the stage of digital assets as a research project.”
Regulators ramp up efforts
Meanwhile, it should be noted that the CFTC’s latest strive to be abreast of all that is happening in and around crypto are well justified. Lately, there is more scare around the safety of investor funds, especially considering the state of the market and the recent downturn. So, just as with every nation of the world, it is now a matter of urgency to regulate crypto.
Although, Behnam was full of praises for the regulatory efforts of lawmakers so far, he insists his agency have creative ways to deal with the sector. And those ways may not require any new legislations.