Aptos CEO Joins CFTC’s GMAC Digital Asset Subcommittee

Avery Ching, the CEO and co-founder of Aptos Labs, the company behind the layer-1 Aptos blockchain, has been appointed to the United States Commodity Futures Trading Commission’s (CFTC) Global Markets Advisory Committee (GMAC). He will be part of the Digital Asset Markets Subcommittee.

This subcommittee will advise the CFTC on how to understand and regulate digital assets like cryptocurrencies and blockchain tokens. Ching has experience building Aptos, a proof-of-stake (PoS) blockchain, renowned for its network speed and efficiency. He believes that his technical knowledge in blockchain development will be valuable to the subcommittee.

Aptos CEO Joins CFTC’s Subcommittee

Ching’s appointment demonstrates that the CFTC seeks to engage actual tech builders in policy discussions, rather than relying solely on lawyers and financial institutions. With people like Ching on board, the agency aims to gain a deeper understanding of the rapidly evolving world of crypto.

In March 2024, the CFTC released a draft framework to clarify the classification of digital assets. The aim is to determine whether an asset is a security, a commodity, or something new. These classifications are important because they determine which agency, such as the CFTC or SEC, has authority over different areas of the crypto industry.

Aside from the Aptos CEO, the subcommittee includes other crypto-centric individuals. They include Crypto.com’s Steve Humenik, Polygon Labs’ Rebecca Rettig, and Uniswap’s Katherine Minarik.

A Nod Towards Crypto-Friendly Regulation

By onboarding various individuals from the crypto industry to its subcommittee, the CFTC shows its interest in establishing crypto-friendly regulations. There have been ongoing discussions since the Trump administration took office about shifting more crypto regulatory power to the CFTC. This shift would give the CFTC responsibility over crypto exchanges and spot markets for digital assets classified as commodities.

Aside from the CFTC, other government offices are exploring crypto regulation. Earlier this year, the U.S. Senate Banking Committee introduced the first-ever crypto-focused subcommittee. Senator Cynthia Lummis, a vocal advocate for Bitcoin, was selected to head the subcommittee.

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