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Financial Services Law Insights and Observations

CFTC establishes the Office of Technology Innovation

Fintech CFTC Digital Assets

Fintech

On July 26, the CFTC announced the reorganization of their fintech and consumer protection efforts by establishing the Office of Technology Innovation (OTI), formerly LabCFTC. As previously covered by InfoBtytes, in 2019 the CFTC announced that LabCFTC operates as an independent operating office of the agency, reporting directly to the chair of the CFTC. LabCFTC was established in 2017 as an initiative to engage innovators in the financial technology industry and promote responsible fintech innovation (covered by InfoBytes here.) The CFTC noted that OTI will “continue the CFTC’s efforts in incorporating innovation and technology into the agency’s regulatory oversight and mission critical functions by supporting the operating divisions and the Commission’s participation in domestic and international coordination.” The CFTC also noted that OTI’s new structure will provide more flexibility to ensure that it serves “internal and external stakeholders by, among other things, continuing to support outreach and providing rotational opportunities for CFTC employees to gain exposure and expertise.”

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