Mo Shaikh, the CEO of Aptos Labs, has announced that he has joined the digital asset subcommittee of the Commodity Futures Trading Commission (CFTC). This appointment will give Shaikh the opportunity to contribute to the regulatory rulemaking process for cryptocurrencies. The CFTC’s Digital Asset Market Subcommittee is part of the agency’s Global Markets Advisory Committee, which was established in 1998 to advise the Commission on matters related to U.S. markets and businesses operating globally.
Shaikh is a well-known figure in the blockchain industry, having previously led the real estate app Meridio and worked as a consultant for the World Economic Forum on central bank digital currencies (CBDCs). He expressed his commitment to ensuring the future of Web3 and cryptocurrencies in the United States and thanked CFTC Commissioner Caroline Pham for the opportunity to share his perspective with industry and government stakeholders.
Shaikh co-founded Aptos Labs in 2021, along with CTO Avery Ching. The company, based in Silicon Valley, focuses on building scalable layer 1 blockchains. It has received financial backing from major players in the crypto industry, including Binance Labs and Jump Crypto. According to a Bloomberg report from September 2022, Aptos Labs was valued at $4 billion.
The CFTC has been gaining increased attention recently, particularly regarding the regulation of digital assets. The House of Representatives recently passed the Financial Innovation and Technology for the 21st Century Act (FIT21), which would grant the CFTC greater regulatory authority over cryptocurrencies, shifting some responsibility away from the U.S. Securities and Exchange Commission (SEC). If the bill is approved by the Senate, President Joe Biden’s administration has expressed its willingness to work with Congress in developing a comprehensive regulatory framework for digital assets.
The CFTC’s growing influence in the cryptocurrency space, as evidenced by the bipartisan support for FIT21 and Shaikh’s appointment to the subcommittee, suggests a promising future for the government agency.
