Crypto Experienced, CME Group Executive Appointed As Chief Counsel By CFTC Commissioner

Kristin Johnson, who serves as the commissioner at the United States Commodity Futures Trading Commission, or CFTC, among four other commissioners, announced that her team would be welcoming a CME Group executive director having experience in crypto. 

Bruce Fekrat will be holding the position of chief counsel at the CFTC from June 1, said Johnson in a Thursday announcement. Fekrat has served as an associate general counsel and executive director at the CME Group for over eight years. Fekrat held the responsibility of regulating counsel for issues, including digital assets. 

He regulated cryptocurrency reference rates and assisted in the development of financial products, which also included Bitcoin (BTC) and Ether (ETH) derivatives, during his tenure at the derivatives marketplace. 

Johnson, whom U.S. President Joe Biden nominated in September 2021, was appointed just a few days after Christy Goldsmith Romero and Summer Mersinger held the vacant spots of commissioners at the CFTC in March 2022. 

Further, Fekrat announced that Lillian Cardona and Natasha Robinson Coates would be joining her team as interim senior counsels.

Dawn Stump, a former commissioner, stated in an interview that the CFTC does not regulate crypto assets doesn’t matter if they are commodities. Stump also believes that having a staff that possesses experience in crypto could always lend a helping hand in influencing digital asset regulation in the United States.

The issues regarding cryptocurrencies, including enforcement and regulation as of now, are dealt with by the Securities and Exchange Commission, Federal Reserve, Treasury Department, Financial Crimes Enforcement Network, and CFTC. Each agency designs different jurisdictional claims, leading to a regulatory approach that is criticized by many industry leaders. 

During the tenure of Fekrat in December 2017 at the CME Group, a Bitcoin futures contract was launched by the derivatives marketplace amidst the bullish sentiments. In 2021, it launched micro Bitcoin futures and micro Ether futures in December 2021.

The group then made the announcement that it would be launching options trading for its micro Bitcoin and Ether futures products that would be subjected to regulatory supervision.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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