The US Commodity Futures Buying and selling Fee (CFTC) Chair Michael Selig has appointed Michael Passalacqua, a lawyer with expertise in cryptocurrency and blockchain issues, as a senior adviser.
Selig mentioned in a January 20 press launch that the company is adapting its strategy to fulfill rising obligations in crypto regulation.
He pointed to pending Senate proposals that might grant the CFTC powers in digital asset markets and mentioned the brand new appointments are a part of efforts to “future-proof” the fee’s framework.
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Passalacqua joins from the worldwide legislation agency Simpson Thacher & Bartlett, the place he labored on monetary regulation instances associated to crypto belongings.
Earlier than that, he served as assistant basic counsel at a digital asset capital markets firm, advising on compliance and transactions within the crypto trade.
Selig famous that Passalacqua’s authorized background matches effectively with the company’s increasing priorities. He mentioned, “Earlier in his profession, Passalacqua served as assistant basic counsel at a crypto asset capital markets agency the place he suggested on a spread of crypto asset regulatory and transactional issues”.
Throughout his time at Simpson Thacher & Bartlett, Passalacqua contributed to a letter that prompted the US Securities and Change Fee (SEC) to concern a no-action letter. That call allowed state-chartered belief corporations to behave as custodians for cryptocurrencies.
Alongside Passalacqua, Selig additionally appointed Cal Mitchell, previously with the Treasury Division, as one other senior adviser.
Brian Quintenz, as soon as nominated by US President Donald Trump to guide the Commodity Futures Buying and selling Fee (CFTC), not too long ago joined the board of SUI
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