Ox Labs Senior Counsel Jason Somensatto is preparing to take a new role at the U.S. derivatives market regulator, the Commodities Futures Trading Commission (CFTC).
In a short announcement, he expressed his gratitude to Ox Labs and indicated that this will be his last week with the DeFi project.
“A bit of news: This is my last week with 0x Labs. I’m so grateful to have worked with such a smart and kind group of people,” he wrote.
A new role at the CFTC
Somensatto will be starting a new role as a policy and tech specialist at the CFTC, an independent agency of the U.S. government created in 1974.
“Next week, I will be joining the U.S. Commodity Futures Trading Commission as a policy and tech specialist for LabCFTC,” reads Somensatto’s LinkedIn post.
“I am excited to help build a deeper understanding of how crypto assets and fintech intersect with regulation of the derivatives market,” he added.
The news has raised excitement among crypto members who believe Sommensatto’s expertise in the industry and his work at Ox Labs will play a crucial role in advocating for innovative and favorable crypto regulations.
CFTC regulatory position on the cryptocurrency industry
Somensatto’s appointment comes at a time when cryptocurrency regulation is a hot topic in the U.S. The Treasury Department proposed a new rule that requires exchanges, banks, and money service providers to verify the identities of users engaging in certain transactions.
In a rather more positive development, the Office of Comptroller of the Currency (OCC) recently ruled that stablecoins and the blockchain can be integrated into the U.S. financial system.
The presence of an expert in working with blockchain startups can have a positive in the way that regulatory agencies view cryptocurrencies and allow them to co-exist with the current financial system.
The crypto industry is coming of age
There was a pattern of former Wall Street executives flocking into the crypto space, but now, there seems to be a new pattern of former blockchain firm employees taking jobs in regulatory agencies.
Cryptonary reported that Michael Barr, a former advisor to Ripple is tipped to be picked by President Joe Biden to lead the OCC.
This will likely benefit the crypto industry in the long run.