CFTC Hires Coinbase Vice President as New Market Supervisor to Oversee Bitcoin Futures
The chairman of the U. S. Commodity Futures Trading Commission (CFTC) Heath Tarbert has just decided to name the new market supervisor that will take care of Bitcoin futures, among other duties. Dorothy Witt, a lawyer who worked as a vice president in Coinbase, was the new executive.
According to the chair of the CFTC, the new executive that was hired for the position will be the main authority in charge of overseeing all derivatives platforms and products in the country, which includes crypto futures.
Before working on Coinbase, DeWitt spent some time on Standard and Poor Global, Citadel Securities and Davis Polk & Wardwell.
One of the main functions of her role will be to properly evaluate and oversee Bitcoin futures contracts that will be launched in the U. S. She will succeed Amir Zaidi, who was in charge of overseeing these contracts starting in 2017 but has just left the CFTC. He worked in the agency for almost ten years and was personally thanked by the chairman as he left.
Tarbert affirmed that DeWitt will bring over 20 years of experience to the agency and that she is an expert both in finances and law. Because of this, she will be an important asset in a time in which there are so many doubts about how the crypto market will evolve from here.
It is important to notice that Tarbert is also new to this position. He took office on July 2019 and took the place of Christopher Giancarlo, a member of the CFTC that had a fairly positive reputation with the crypto market for taking a position of not getting in the way of innovation.