Kristin Johnson, one in every of 5 commissioners presently serving at the USA Commodity Futures Buying and selling Fee, or CFTC, has introduced {that a} CME Group govt director with expertise in crypto can be becoming a member of her employees.

In a Thursday announcement, Johnson said Bruce Fekrat can be her chief counsel on the CFTC beginning on June 1. Fekrat labored as an govt director and affiliate common counsel on the CME Group for greater than eight years, the place he was lead regulatory counsel for points together with digital belongings. Throughout his time on the derivatives market, he regulated cryptocurrency reference charges and helped within the growth of economic merchandise together with Bitcoin (BTC) and Ether (ETH) derivatives.

Nominated by U.S. President Joe Biden in September 2021, Johnson was sworn in inside days of each Christy Goldsmith Romero and Summer season Mersinger filling the opposite vacant commissioner seats on the CFTC in March 2022 — the federal government company usually has 5 commissioners in its panel. Along with Fekrat, Johnson introduced Lillian Cardona and Natasha Robinson Coates will be part of her employees as interim senior counsels.

Although former commissioner Daybreak Stump previously told Cointelegraph that the CFTC “doesn’t regulate crypto belongings even when they’re commodities,” having employees with expertise in cryptocurrencies might probably affect digital asset regulation in the USA. 

At current, the Securities and Change Fee, Federal Reserve, Treasury Division, CFTC and Monetary Crimes Enforcement Community deal with points coping with digital belongings in the USA, together with regulation and enforcement. Nonetheless, every company usually has totally different jurisdictional claims, resulting in a regulatory patchwork method many business leaders have criticized.

Associated: Bringing crypto market ‘into the light’ doesn’t address enforcement: CFTC chair

Throughout Fekrat’s tenure on the CME Group, the derivatives market launched Bitcoin futures contracts in December 2017 amid the bull run and later went on to introduce micro Bitcoin futures in Might 2021 and micro Ether futures in December 2021. In March, the group introduced it will launch options trading for its micro Bitcoin and Ether futures merchandise, topic to regulatory assessment.

Cointelegraph reached out to Bruce Fekrat, however didn’t obtain a response on the time of publication.