Former Coinbase VP Now Heads CFTC’s Bitcoin Futures Division

Wilfred Michael 

Wilfred Michael

News reporter

17 September 2019,
18:26
Former Coinbase VP Now Heads CFTC’s Bitcoin Futures Division

In what has become a switch of role from the crypto space to the regulatory front, now former Coinbase vice president, Dorothy DeWitt has joined the U.S Commodity Futures and Trading Commission (CFTC).

According to a press release published today by CFTC Chair Heath Tabert, Dorothy has joined the CFTC as Director of the Division of Market Oversight (DMO), the department of the CFTC which oversees derivatives platforms and products.

For the crypto industry, that role bears significance since Dorothy now directly heads the group which has in the past reviewed applications by CME Group and CBOE to launch Bitcoin futures, as well as the recent launch of the Bakkt Bitcoin derivatives platform.

Apparently, having someone with a sound knowledge of the industry from her years at Coinbase means regulatory decisions will be made with more clarity, albeit departing DMO Head Amir Zaidi lived up to that duty by ushering in the first Bitcoin futures during her nine-year stay at the CFTC.  

Commenting on Dorothy’s appointment, CFTC Chairman Tarbert subtly revealed what they’re expecting Dorothy to bring to the table, especially with regards to the agency’s effort to regulate cryptocurrencies.

Chairman Tarbert said about Dorothy, “Her strong investment, risk, legal, and compliance background and familiarity with distributed ledger technology, including crypto assets, will be invaluable as the agency looks to develop a holistic approach to regulating 21st-century commodities.”

Interestingly, Dorothy’s appointment at the CFTC comes at a time when the U.S market for Bitcoin futures is witnessing significant growth.

Aside from Bakkt’s impending launch of trading, Stmarket.co reported that other firms such as LedgerX and ErisX obtained approval from the CFTC to launch Bitcoin-futures related products.

 

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