The Commodity Futures Trading Commission took proactive steps in technological management by announcing the recruitment of the Chair and Vice-chair of the Technical Advisory Committee.
In the era of technological advancements, where various new technologies emerge on a daily basis it is inevitable to launch a full-fledged committee. The Technical Advisory Committee (TAC) aimed to control and manage the impacts of technological innovation in financial services.
Ari Redbord will be the vice chair of the TAC, while Commissioner Goldsmith Romero also declared Carole House as the chair. CFTC commissioner Goldsmith Romero was informed about this news. In a world of uncertainties and data breaches, there’s an urgent need to look forward and create a suitable platform to tackle this problem.
The Commission requires input from technology savvy to ensure the responsible development of digital assets in a way that safeguards customers. This step ensures that the consequences of cutting-edge technologies like artificial intelligence are clearly understood. The TAC hired professionals who have experience in managing major companies and are aware of potential dangers that may occur because of technological advancements.
Commissioner Goldsmith Romero added that these private tech savvy are aware of the current trends in the market and will suggest appropriate actions to manage the situation. This step will further increase other United States agencies to work more transparently and securely.
In February 2023, Custodia bank CEO Catlin Long criticized government agencies of major fraud in the crypto industry before the collapse of several crypto-friendly banks.
Professionals from Circle, Avalabs, and Fire block were included in the advisory committee. Goldsmith Romero ensured that after this step, the TAC will be able to accurately measure the risks and inform people about any possible mishaps. Executives from famous tech companies like IBM, and Amazon will also enhance the working of the committee.