Jason Somensatto, a lawyer and former senior legal counsel of the Ethereum-based decentralized exchange protocol – Ox (ZRX), announced on Twitter that he is joining the U.S. Commodity Futures Trading Commission (CFTC).
“A bit of news: This is my last week with @0xProject. I’m so grateful to have worked with such a smart and kind group of people. I will be joining @CFTC as policy and tech specialist for LabCFTC to build a deeper understanding of how crypto/fintech intersects with regulation.”
Blockchain Lawyer Par Excellence
Somensatto is one of the most well-regarded lawyers in the blockchain and cryptocurrency space. He first wrote about the crypto market in 2014 and joined 0x in the company’s early days. In 0x, he developed the DEX’s legal and policy strategy. Before entering the crypto space, he worked in different private firms and represented clients under investigation by the SEC. As per his tweet, Somensatto will serve as policy and technology specialist at LabCFTC.
Twitter Reacts To The Appointment
Will Warren, 0x Project Co-Founder:
“There is no one more qualified to lead the CFTC’s efforts to promote responsible crypto innovation in the US and the entire space will benefit from the experience and judgement you bring to your new role!”
JP Schnapper-Casteras, Managing Partner, Schnapper-Casteras PLLC:
“This is seriously a boon for the CFTC and interagency”
Rui Zhang, Legal Counsel at 0x Project:
“It has been a great privilege working with you for the past 2 years. You will be missed a lot at 0x. Really excited for your new role at CFTC as we all believe that you’ll make great impact on the industry.”
US Regulators Becoming More Crypto Literate Than Ever
A few days back, news came out that with Heath Tarbert stepping down as Chair of the CFTC, Chris Brummer has emerged as the leading candidate to usurp the throne. Brummer is known for his research work on digital technology, international finance, and cryptocurrencies.
Plus, Gary Gensler – an MIT blockchain professor – seems to be a front-runner in becoming the next chair of the US Securities and Commission (SEC). It will be interesting to see how US regulations towards cryptocurrencies change in the future.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Title: CFTC Hires Another Crypto-Friendly Personnel
Sourced From: cryptodaily.co.uk/2021/01/cftc-crypto-friendly-Jason-Somensatto
Published Date: Wed, 27 Jan 2021 10:43:30 +0000