Aptos Labs CEO Mo Shaikh Joins CFTC’s Digital Assets Subcommittee

Aptos Labs CEO Mo Shaikh has joined the Commodity Futures Trading Commission’s (CFTC) digital asset subcommittee, Shaikh confirmed on social media Monday.

Aptos Lab CEO And Co-founder Mo Shaikh Joins CFTC Subcommittee

Originally reported by DL News, Shaikh’s appointment to the CFTC will grant the Aptos co-founder influence in helping the CFTC shape regulatory rulemaking regarding cryptocurrencies.

The CFTC’s Digital Asset Market Subcommittee falls under the umbrella of the agency’s Global Markets Advisory Committee, which was launched in 1998 to “advise the Commission on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business.”

Shaikh has long been a powerhouse across the blockchain sector, having previously led blockchain-based real estate app Meridio and serving as a consultant for the World Economic Forum on central bank digital currencies (CBDCs).

Ensuring Web3 & crypto has a future in the US is important to me and to many.

Thanks to CFTC Commissioner @CarolineDPham, I’ll have an opportunity to share POV (shipped w/ @AptosLabs + broader @Aptos ecosystem perspective) directly with key industry & government stakeholders… https://t.co/ULllsxqvTX

— Mo Shaikh 🌐 aptOS (@moshaikhs) June 3, 2024

“Ensuring Web3 & crypto has a future in the US is important to me and to many,” Shaikh said in a statement. “Thanks to CFTC Commissioner @CarolineDPham, I’ll have an opportunity to share POV (shipped w/ @AptosLabs + broader@Aptos ecosystem perspective) directly with key industry & government stakeholders informing the CFTC’s views on key issues related to digital assets.”

Will The CFTC Take The Lead In Driving Crypto Regulations Forward?

Shaikh launched the scalable layer 1 blockchain building company out of Silicon Valley alongside its now CTO Avery Ching in 2021.

As former employees of Facebook’s blockchain team, Shaikh and Ching’s Aptos Labs earned early financial backing from a number of crypto heavyweights, including Binance Labs and Jump Crypto.

According to a September 2022 Bloomberg report, the crypto company had amassed a valuation of $4 billion.

Meanwhile, the CFTC has garnered increased public interest in recent months, particularly in regard to digital asset regulation.

Just last month, the House of Representatives voted in overwhelming favor of passing the Financial Innovation and Technology for the 21st Century Act (FIT21), which would give the CFTC greater regulatory authority over cryptocurrencies as opposed to the United States Securities and Exchange Commission (SEC) solely overseeing the industry.

If the bill passes the Senate, U.S. President Joe Biden’s administration said he would work with Congress to develop “a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital assets and payment innovation.”

Only time will tell if the CFTC’s influence over cryptocurrencies will grow, though based on FIT21’s bipartisan support and Shaikh’s recent subcommittee appointment, the government agency’s future looks promising.