The U.S. Commodity Futures Trading Commission, CFTC Fintech Chief Daniel Gorfine resigned from his position to return back to the private sector.
05 August, AtoZMarkets – According to the CFTC statement released on Friday, the first Chief Innovation Officer and Director of LabCFTC, aka CFTC Fintech Chief, Daniel Gorfin decided to leave the agency to pursue his career in the private sector.
What does LabCFTC do?
LabCFTC operations mostly focusses on education rather than legislation. Most of the primers so far have focused on viability and use cases of the Blockchain technology.
In the second primer, LabCFTC focusing on the smart contracts commented that smart contracts have actual use cases. “If smart contracts are deployed properly they could reduce cost (for businesses and for governments) while boosting accountability and transparency (cutting further costs).”
Daniel Gorfine and LabCFTC
During Mr. Gorfine’s leadership, LabCFTC achieved the following according to the CFTC announcement:
- The new team arranged innovator office hours across the U.S. and internationally;
- Gorfine’s team developed CFTC primers on cryptocurrencies, blockchain technology and smart contracts;
- The dedicated team focused on analysis and collection of public feedback on crypto-assets and mechanics in order to help inform the Commission;
- Creation of LabCFTC Accelerator which focused on public innovation competitions and internal technology pilots and trials;
- The team organized the first CFTC Fintech Forward conference;
- Played a key role in CFTC entering into Fintech cooperation arrangements with the UK Financial Conduct Authority (FCA UK), Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS).
There is no further info in the announcement regarding which company Daniel Gorfine will be working at.
The way forward
While the LabCFTC assisted the CFTC commission broaden their horizon, the US is still not the leader in blockchain technology. With regard to cryptocurrencies, some US states show strong opposition.
Additionally, the US IRS (the tax authority) have also recently announced that the U.S. residents would be taxed on their crypto trades as well. Perhaps, CFTC Fintech Chief Daniel Gorfine resigning is a sign that there is a gap within the commission itself?!
For the time being it is recommended to watch and digest the developments in the US. Specifically, we could see strong move in crypto market as well as the US stance against/for cryptocurrency legislation depending on the upcoming developments regarding the US China trade war.