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CFTC’s Berkovitz to Become Top Lawyer at SEC

CFTC’s Berkovitz to Become Top Lawyer at SEC

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The Securities and Exchange Commission has tapped Dan Berkovitz, the CFTC commissioner who voiced issues round DeFi regulation, as its new high lawyer.

Berkovitz will develop into General Counsel for the SEC on Nov. 15, changing appearing General Counsel John Coates, in accordance to a press launch. Berkovitz had beforehand introduced his intention to depart the swaps regulator as of Oct. 1.

The sideways transfer locations Berkovitz, who not too long ago warned that many DeFi derivatives might violate federal regulation, in a key court-facing position at one of many U.S.’s high funding regulators. The Office of the General Counsel manages a lot of the SEC’s litigation and makes suggestions on enforcement actions, rulemaking and inter-agency exercise.

That broad mandate may conflict with crypto in any variety of methods. The SEC’s high brass has adopted a hardline tone in opposition to unhealthy actors within the crypto house, and Chair Gary Gensler has repeatedly emphasised shopper safety, prompting calls of overreach by many members within the crypto house.

Berkovitz voiced the same, pro-oversight tone towards crypto whereas at the CFTC:

“Blockchains, smart contracts, and other new technologies have the potential to improve the transparency and efficiency of our derivatives markets. However, for innovation to be responsible and competition to be fair, it must comply with the [Commodity Exchange Act] and our regulations,” he stated when the CFTC fined BitMEX $100 million.

Gensler beforehand labored with Berkovitz throughout Gensler’s Obama-era tenure as the top of the CFTC.

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