On 13 March, the Commodities and Futures Trading Commission announced that they are going to constitute a Technical Advisory Committee (TAC). This committee will look into the additional changes required to boost the technical infrastructure and protection from cyber-attacks.
Circle, a fintech company’s global policy VP Corey Then ready to join the CFTCs newly created Technical Advisory Committee. Circle is famous for its fintech services worldwide and the second-largest issuer of stablecoins.
The Commodities and Futures Trading Commission is keen to include talents from different institutions to bring more sophisticated technology to the TAC. The new committee aims to reduce any possible cyber-attacks and data thefts from unwanted sources.
On 11 March, Circle fintech released a brief report about its $3.3 billion out of $40 billion USDC reserves stuck at the Silicon Valley Bank. This transaction was halted due to the collapse of the SVB. After the back-to-back collapses of three banks last week, the Silvergate bank, the Silicon Valley Bank, and the Signature bank forced regulatory bodies to come up with more technological innovation.
Corey Then appreciated the efforts of the Commodities and Futures Trading Commission to create a collaborative environment for bringing more transparency to the TAC. Previously, Circle CEO Jeremy Allaire lauded the efforts of the Federal Reserve and the United States government for funding collapsed banks.
There are almost ten crypto experts that will work to enhance the TAC. Apart from a Circle fintech company, TRM Labs, Fireblocks, Paradigm, Circle, and Ava Labs representatives are set to join and provide their valuable inputs to the CFTCs newly constituted Technical Advisory Committee.
The CFTC can provide sustainable frameworks for crypto trading and related services with improved technical infrastructure and expertise. The Technical Advisory Committee will take care of the requirements and formulate laws according to the needs of customers, said Commissioner Goldsmith Romero.