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Behnam Chairman Announces Reorganization of Technology and Customer Engagement

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Washington DC — Commodity Futures Trading Commission Chairman Rostin Benham today reorganizes FinTech and customer protection efforts and changes to a key role as agencies evolve to respond to changing markets and market demographics. I announced that. Chairman Behnam is strengthening FinTech’s efforts by establishing the Office of Technology Innovation (OTI) (formerly LabCFTC) and appointing Jorge Herrada as a board member. In addition, the chairman announced today that FinTech specialist Jason Somensatto will join the chairman’s office with legal adviser David Felsenthal, in addition to continuing his role at OTI. In addition, in response to the unprecedented rise in retail futures, options and digital asset trading, Chairman Benham today announced the reorganization of the Office of Customer Education and Outreach (OCEO) in the Public Relations Office. Steve Adamske is Director of the Office of Public Affairs and Interim Director of OCEO, with additional personnel changes announced at a later date.

The new Department of Innovation continues CFTC’s efforts to incorporate innovation and technology into government regulatory oversight and mission-critical functions by supporting the participation of business units and committees in national and international coordination. increase. OTI’s new structure provides internal and external stakeholders with increased flexibility, especially outreach support, and providing rotation opportunities for CFTC employees to gain exposure and expertise. We guarantee that we will continue to provide services.

This reorganization and staff addition reinforces the already strong team of department heads and office leadership previously announced by Chairman Benham, including the agency’s first Chief Diversity Officer.

“Rapid involvement with FinTech through LabCFTC has fulfilled the mission stated by former Chairman Giancarlo. Today, the clear crossroads between financial innovation and markets require the latest strategies,” said Behnam. increase. “Our resources are better utilized through the Office of Technology Innovation, reporting directly to the Chairman’s Office, gaining exposure for directors, FinTech policy and technology specialists, strategic communications and education leaders, and all CFTC employees. Rotation opportunities will be placed for you to do. And expertise. “

“As new participants and infrastructure providers access and participate in our market, CFTC has a great responsibility to provide reliable, verifiable information, education and outreach,” said Behnam. increase. “Customers and market participants need to act responsibly as well. Regulators say investors, including people in poorly serviced communities, can impact personal finances and larger markets. We have a duty to ensure that we have the tools and information to make informed decisions. OCEO has enough equipment to do just that. “

Jorge Elada, Director of Innovation

Jorge Elada was the new director of the Office of Technology Innovation after recently completing a year of details as a senior technology advisor to TechLab on the Federal Reserve Board, helping to guide visions and experiments on central banks. Digital currency (CBDC). Prior to joining the Federal Preparatory Committee, Jorge was a Senior Technology Advisor at LabCFTC for four years, focusing on innovation, advanced technology, analytics, finance, distributed ledger technology (DLT), and cryptocurrencies. He led the Cryptocurrency Subcommittee, the DLT Subcommittee, and the High Frequency Subcommittee of the CFTC Technology Advisory Board. Prior to joining the Commodity Futures Trading Commission (CFTC), Herrada was a Senior Principal of American Management Systems (AMS-now CGI). At AMS, he was a system architect and software engineer. Elada holds an MBA from the University of Chicago, a Master’s degree from the London School of Economics, and a Bachelor of Science degree in Business Sciences from the University of Shippensberg, Pennsylvania.

Jason Somensat, FinTech Policy and Technology Advisor

Jason Somensatto will join Chairman Behnam’s office as a FinTech Policy Specialist to advise Chairman on CFTC’s monitoring of the digital asset market. He joined the CFTC in February 2021 and was previously the Deputy Director of the Lab CFTC. Prior to joining the CFTC, Somensatto was a senior counsel for start-ups developing exchange infrastructure for the digital asset market. Since 2014, he has published several articles and publicly talked about the crossroads of financial regulation and distributed ledger technology. Somensatto also spent more than a decade as a private practice lawyer, representing clients in government investigations and enforcement issues. He holds a JD from George Washington University Law School and a Bachelor of Arts degree from the University of Virginia.

David Fersental, Chairman’s Advisor

David Fersental has been appointed as an advisor to the chairman. He addresses issues related to digital assets, climate and other issues. He was previously a partner of Clifford Chance US LLP and head of derivatives operations. Prior to that, Felcent Hall was a lawyer at the Federal Reserve Bank of New York. He has spoken and written extensively on issues related to derivatives, regulation, and finance. He holds a PhD in Law from Harvard Law School and a PhD in Literature from Princeton University.