CFTC Commissioner Dan Berkowitz to take over as SEC General Counsel

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Commissioner for the Commodity Futures Trading Commission Dan Berkowitz will be the chief legal adviser to the US Securities and Exchange Commission on November 1.

How
indicated on the SEC website, Dan Berkovitz will take office on November 1, two weeks after leaving his position on the Commodity Futures Trading Commission (CFTC), where he has been since 2018. Berkovits’s term in the CFTC was supposed to end in 2023, but he decided to leave the post much earlier – on October 15.

Berkowitz questions the legitimacy of decentralized finance markets. He previously stated that DeFi may function in violation of the US Mercantile Exchange Act due to the lack of intermediaries who must protect investors. Berkowitz will be chaired by SEC Chairman Gary Gensler, who was previously CFTC Chairman. They intend to join forces to work on a regulatory program aimed at protecting investors.

Gensler said he would be glad to cooperate with Berkovits again on the regulation of financial markets. The SEC chairman said Berkowitz was instrumental in the implementation of the Dodd Frank Act, which was passed to reduce the risks of the financial system. While at the CFTC, Berkowitz introduced dozens of rules to strengthen regulatory oversight of swap markets. Therefore, Gensler believes that Berkowitz will make an invaluable contribution to the work of the SEC.

“I am honored to join the Securities and Exchange Commission at a ‘tipping point’ for capital markets. With Gary Gensler, we will make every effort to protect investors and strengthen the capital market, ”said Berkowitz.

Gensler recently announced that the agency has already begun working on initiatives related to ICO regulation, DeFi, stablecoins, custodial services, cryptocurrency exchange-traded funds and lending platforms.

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