Mo Shaikh, the CEO of Aptos Labs, has officially joined the Commodity Futures Trading Commission’s (CFTC) digital asset subcommittee, according to a social media post by Shaikh on Monday. This appointment will provide Shaikh, who is also the co-founder of Aptos, with the opportunity to contribute to the CFTC’s regulatory rulemaking efforts in the cryptocurrency space.
The CFTC’s Digital Asset Market Subcommittee operates under the umbrella of the agency’s Global Markets Advisory Committee, which was established in 1998 to advise the Commission on matters affecting the integrity and competitiveness of US markets and firms engaged in global business.
Shaikh is a well-known figure in the blockchain industry, having previously led the blockchain-based real estate app Meridio and worked as a consultant for the World Economic Forum on central bank digital currencies (CBDCs).
In a statement, Shaikh expressed his commitment to ensuring the future of Web3 and cryptocurrencies in the US. He thanked CFTC Commissioner Caroline D. Pham for providing him with the opportunity to share his perspective, informed by his experience at Aptos Labs, with key industry and government stakeholders who will influence the CFTC’s views on digital asset-related issues.
Aptos Labs, founded by Shaikh and its current CTO Avery Ching in 2021, is a Silicon Valley-based company focused on building scalable layer 1 blockchains. The company received early financial support from prominent cryptocurrency players such as Binance Labs and Jump Crypto, and as of September 2022, it was valued at $4 billion, according to a Bloomberg report.
The CFTC has been attracting increased attention in recent months, particularly in the context of regulating digital assets. The House of Representatives recently voted overwhelmingly in favor of the Financial Innovation and Technology for the 21st Century Act (FIT21), which aims to grant the CFTC greater regulatory authority over cryptocurrencies, shifting some oversight responsibilities away from the US Securities and Exchange Commission (SEC). If the bill is passed by the Senate, President Joe Biden’s administration has stated its intention to work with Congress to develop a comprehensive regulatory framework for digital assets that promotes responsible development and payment innovation.
With FIT21 enjoying bipartisan support and Shaikh’s appointment to the CFTC subcommittee, the future of the government agency in the cryptocurrency space appears promising.