US CFTC to Intensify Crypto Work With New Tech Innovation Office

The derivatives regulator is upgrading its LabCFTC to an Office of Technology Innovation as cryptocurrency oversight outgrows the sandbox phase, said CFTC chief Rostin Behnam.

AccessTimeIconJul 25, 2022 at 6:00 p.m. UTC
Updated Jul 25, 2022 at 6:06 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

One of the top U.S. crypto regulators, the Commodity Futures Trading Commission, is adding firepower to its oversight by creating a new Office of Technology Innovation, said agency chief Rostin Behnam.

The agency’s LabCFTC, a long-running fintech team, will be transformed into the new office, which will be led by a director that reports to Behnam, he said in remarks prepared for a Brookings Institution event on Monday. The office will also be staffed by specialists, and existing CFTC employees will have a chance to rotate through to get crypto experience.

“We have moved past the stage of digital assets as a research project,” Behnam said.

He said the scale of the market, the vulnerability of retail investors and crypto’s recent, costly setbacks have lent urgency to U.S. efforts to regulate. While he praised legislative efforts to deal with crypto, he suggested his agency is “thinking creatively” about ways to address the sector without new congressional authorization.

“Regulators must be nimble, and new challenges may require us to dig deeper, take a different look into how our organic statutes promote our growth alongside the markets we regulate,” Behnam said. “In the absence of new legislative authority, we at the CFTC continue to look at how we can work to protect markets and investors within the bounds of our existing authority.”


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.