Kristin Johnson – among the five commissioners working for the Commodity Futures Trading Commission (CFTC) at the moment – disclosed the inclusion of a new crypto-experienced CME Group executive director. 

Specifically, Johnson reportedly revealed that Bruce Fekrat will be working alongside her as chief counsel at the CFTC beginning the 1st of June 2022. 

Fekrat’s previous experience reportedly includes handling the positions of executive director and associate general counsel at the CME Group for over eight years, where he was lead regulatory counsel for a range of problems, covering digital assets. 

During his time at the derivatives marketplace, he reportedly came up with regulations regarding cryptocurrency reference rates, as well as offered assistance in the development of financial products including Bitcoin (BTC) and Ether (ETH) derivatives.

Johnson – receiving the nomination of U.S. President Joe Biden in September last year – was sworn in within days of both Christy Goldsmith Romero and Summer Mersinger taking up the then-vacant commissioner roles at the CFTC in March this year – fulfilling the usual number of five in terms of members of the government agency. 

Apart from Fekrat, Johnson further revealed Lillian Cardona and Natasha Robinson Coates will become a part of her staff as interim senior counsels.

Regardless of the CFTC “does not regulate crypto assets even if they are commodities”, performer commissioner Dawn Stump, onboarding new members with hands-on knowledge in cryptocurrencies could have a possible effect on digital asset regulation in the United States. 

At the moment, the Securities and Exchange Commission, Federal Reserve, Treasury Department, CFTC and Financial Crimes Enforcement Network reportedly take care of problems associated with virtual assets within the nation, including regulation and enforcement.