On 1 March the Commodity Futures Trading Commission (CFTC) announced the formation of a Technical Advisory Committee (TAC) to manage the technical issues related to digital asset management. The CFTC organized the first meeting of the TAC in Washington DC on 22 March.
Rising challenges in the digital world have forced the CFTC to form a sophisticated committee to tackle the new generation of cybersecurity problems. The TAC will help in securing crypto management from hacking and data thefts. It was announced on 1 March that the committee will hold its inaugural meeting on 22 March to discuss the issues related to decentralized finance (DeFi).
Threats emerging from artificial intelligence (AI) were also discussed in the meeting as solutions to use this technology in a sustainable way. On 13 March the CFTC announced the list of the members of the technical advisory committee. Former White House official Carole House was made the chairman of the TAC and Ari Redboard will serve as vice chair of the committee.
CFTC commissioner Goldsmith Romero inaugurated the first meeting of the technical advisory committee and introduced everyone to the aim and objectives of this committee. In the era of digitization, the challenges of cyber attacks and data breaches are becoming more frequent. To prevent the stakeholders from these challenges the CFTC brought talents from the various institutions that are currently doing well in this field like Avalabs, IBM, Amazon, and many more.
In the inaugural meeting, Ari Redboard, head of legal and government affairs at TRM labs revealed detailed information on decentralized finance (DeFi). The challenges that arise in DeFi and ways to manage them were also presented by him.
The decision to form this committee will strengthen CFTC to monitor cyberattacks and data breaches more comprehensively. In recent years we have witnessed high growth in the DeFi space. With the rise of retail investors in the decentralized finance system new security threats also emerged. The TAC will help in tackling these issues and provide a sustainable working atmosphere for DeFi.