Commodity Futures Buying and selling Fee Chairman Rostin Behnam as we speak introduced a reorganization of FinTech and buyer safety efforts and modifications to key roles because the company evolves to handle altering markets and market demographics.
Chairman Behnam is bolstering the company’s FinTech efforts by creating the Workplace of Expertise Innovation (OTI), previously LabCFTC, and naming Jorge Herrada as its director. As well as, the chairman introduced as we speak that FinTech specialist Jason Somensatto, along with persevering with his function in OTI, will likely be becoming a member of the Chairman’s Workplace together with authorized advisor David Felsenthal. Additional, and responding to an unprecedented rise in retail futures, choices and digital asset buying and selling, Chairman Behnam as we speak introduced the realignment of the Workplace of Buyer Schooling and Outreach (OCEO) throughout the Workplace of Public Affairs. Steve Adamske is the director of the Workplace of Public Affairs and also will function interim director of OCEO with further personnel modifications to be introduced at a later date.
The brand new Workplace of Expertise Innovation will proceed the CFTC’s efforts in incorporating innovation and expertise into the company’s regulatory oversight and mission essential capabilities by supporting the working divisions and the Fee’s participation in home and worldwide coordination. OTI’s new construction offers better flexibility, guaranteeing that it continues to serve inside and exterior stakeholders by, amongst different issues, persevering with to assist outreach and offering rotational alternatives for CFTC workers to achieve publicity and experience.
This reorganization and workers additions bolster an already sturdy crew of division administrators and workplace management beforehand introduced by Chairman Behnam together with the company’s first Chief Variety Officer.
“The accelerated engagement with FinTech via LabCFTC fulfilled its mission as set forth by former Chairman Giancarlo, and the clear intersection between monetary innovation and our markets now requires an up to date technique,” mentioned Chairman Behnam. “Our assets will likely be higher utilized via an Workplace of Expertise Innovation, reporting on to the Chairman’s workplace and staffed by a Director, a FinTech Coverage and Expertise Specialist, a strategic Communications and Schooling chief, and rotational alternatives for all CFTC workers to achieve publicity and experience.”
“As new members and infrastructure suppliers entry and take part in our markets, the CFTC has a better accountability to offer trusted and verifiable info, training and outreach,” mentioned Chairman Behnam. “Prospects and market members alike should act responsibly, and it’s incumbent upon regulators to make sure that the investing public, together with these in underserved communities, has the instruments and knowledge to make knowledgeable selections that will impression their private funds and the bigger markets. OCEO is properly geared up to do exactly that.”
Jorge Herrada, Workplace of Expertise Innovation Director
Jorge Herrada will function the brand new director of the Workplace of Expertise Innovation after not too long ago finishing a one-year element because the Senior Expertise Advisor to the TechLab on the Federal Reserve Board of Governors, the place he helped to information the imaginative and prescient and experiments relating to Central Financial institution Digital Forex (CBDC). Previous to becoming a member of the Federal Reserve Board, Jorge served for 4 years because the Senior Expertise Advisor for LabCFTC, the place he targeted on innovation, superior expertise, analytics, finance, Distributed Ledger Expertise (DLT), and cryptocurrencies. He led the CFTC Expertise Advisory Committee’s Digital Currencies Subcommittee, the DLT Subcommittee, and the Excessive-Frequency Subcommittee. Previous to becoming a member of the Commodity Futures Buying and selling Fee (CFTC), Mr. Herrada served as a Senior Principal at American Administration Techniques (AMS–now CGI). At AMS, he was a programs architect and software program engineer. Mr. Herrada earned an MBA from the College of Chicago, an MSc from the London College of Economics, and a BS in Administration Science from Shippensburg College of Pennsylvania.
Jason Somensatto, FinTech Coverage and Expertise Advisor
Jason Somensatto will be part of Chairman Behnam’s workplace as FinTech Coverage Specialist the place he’ll advise the Chairman on the CFTC’s oversight of the digital asset market. He joined the CFTC in February 2021 and beforehand served because the Performing Director of LabCFTC. Earlier than becoming a member of the CFTC, Mr. Somensatto was the senior counsel for a startup growing change infrastructure for the digital asset market. Since 2014, he has revealed a number of articles and spoken publicly on the intersection of economic regulation and distributed ledger expertise. Mr. Somensatto additionally spent over a decade as an lawyer in personal apply the place he represented purchasers in authorities investigations and enforcement issues. He holds a JD from the George Washington College Regulation College and a BA from the College of Virginia.
David Felsenthal, Counsel to the Chairman
David Felsenthal has been appointed counsel to the Chairman. He’ll work on points associated to digital belongings, local weather and different issues. Beforehand, he was a associate and head of the derivatives apply at Clifford Probability US LLP. Previous to that, Mr. Felsenthal was a lawyer on the Federal Reserve Financial institution of New York. He has spoken and written extensively on points associated to derivatives, regulation and finance. He holds a JD from Harvard Regulation College and a BA from Princeton College.