The U.S. Commodity Futures Trading Commission (CFTC) has announced the inclusion of additional market participants from the crypto industry in its committee dedicated to digital assets.
In a press release, CFTC Commissioner Caroline D. Pharm stated that Caroline Butler, Global Head of Digital Assets at BNY Mellon, and Sandy Kaul, Senior Vice President and Head of Digital and Industry Advisory Services at Franklin Templeton have been appointed as Co-Chairs of the Digital Asset Market Structure and Investor Protection Subcommittee of the CFTC.
The GMAC Initiative
The CFTC’s Global Markets Advisory Committee (GMAC) initiative aims to foster dialogue between regulators and market participants, with a focus on addressing the complexities and evolving dynamics of global markets.
With 128 members spread across the GMAC and its subcommittees, this initiative provides a platform for a comprehensive and inclusive discussion on critical issues impacting global markets, including digital assets, derivatives, commodities, and other related sectors.
CFTC Big on Leadership Contribution
While commenting on the announcement, Commissioner Pharm acknowledges the crucial role of Butler and Kaul. Pharm highlighted that their leadership and expertise will be instrumental in driving meaningful policy discussions, fostering international collaboration, and shaping regulatory standards.
Notably, the diverse perspectives they bring to the table is anticipated to enhance the committee’s ability to address the challenges and opportunities of global markets comprehensively.
Notably, the appointment of industry leaders like Caroline Butler and Sandy Kaul to key regulatory positions reflects the maturation of the digital asset market. As digital assets gain wider acceptance and adoption, it is crucial to establish clear guidelines and frameworks that foster market integrity and stability.
BNY Mellon Pushes for Global Relevance
BNY Mellon, a global financial services company, is making significant strides to establish its global relevance in the crypto space. Recognizing the transformative potential of crypto and blockchain technology, the company is actively pursuing initiatives to position itself as a key player in this rapidly evolving industry.
Similarly, Franklin Templeton is also making significant strides in the industry. In a recent report, the asset manager said it has integrated its on-chain United States Government Fund on Polygon.