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Ex-CFTC Commissioner Joins Crypto Exchange as Adviser
Bart Chilton, the former CFTC commissioner, is now taking his regulatory expertise to decentralized cryptocurrency exchange Omega One.
By Wolfie Zhao
Updated Sep 14, 2021, 1:55 p.m. Published Jan 25, 2018, 8:30 a.m.
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Bart Chilton, the former commissioner of the U.S. Commodity and Futures Trading Commission (CFTC), is doubling down on his stated desire for a regulated market to foster the development of cryptocurrency trading.
The former U.S. government regulator announced on Jan. 23 that he will join the decentralized cryptocurrency exchange Omega One as an adviser, focusing on regulatory aspects in the U.S. and abroad as the exchange eyes attracting retail and institutional investors.
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In an email response to CoinDesk, Chilton explained that one of the reasons he signed up for the new role is because the team at Omega One also shares the belief that appropriate regulation should be in place to facilitate the growth of cryptocurrency trading.
"We [Alex Gordon-Brandor, CEO of Omega One, and Chilton] spoke for a while and [Gordon-Brandor] explained how Omega One wanted to break the mold of most in the digital world of staying away from all things regulatory or government like a hot oven. He said we need transparency and disclosure and to abide by appropriate rules," Chilton explained.
In addition to advising on regulatory issues, Chilton said he is keen on potential involvement in the Brooklyn Project, a cross-industry regulatory endeavor for the crypto space launched by blockchain tech firm ConsenSys, which is also a partner of the Omega One.
The news marks a notable move by a former government regulator to take part in shaping the development of cryptocurrency trading by taking his previous experience in pushing through regulations to the emerging industry.
Serving at the CFTC from 2007 to 2014, Chilton held a powerful position in enforcing market regulation and implementing position limits in bid to protect investor benefits. He also openly opposed the legislative delay of the Dodd-Frank act, which was enacted for investor protection in response to the 2008 financial crisis.
Previously, Chilton has made comments arguing that, while the U.S. should embrace the potential of cryptocurrency and blockchain technology, he believes proper regulations are needed for a sustainable growth of the industry, especially when it comes to protecting investors. Another issue that regulation may solve, as he has suggested, is the notorious volatility of bitcoin's price.
Bart Chilton image via CoinDesk archives
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