LabCFTC will be reorganized into the Office of Technical Innovation Oversight

The US Commodity Futures Trading Commission announced the creation of a new division to oversee technical innovation, which, among other things, will regulate the cryptocurrency market.

The new division will replace the regulator’s current fintech team, known as LabCFTC, the brainchild of previous commission chairman Christopher Jancarlo. He was known for his positive attitude towards cryptocurrencies and blockchain. The new office will be assembled by current chairman Rostin Behnam.

“We have already passed the stage of incubators and now the technologies of digital assets, decentralized finance are already crowded within the sandbox,” Behnam believes.

The Office of Technology Innovation Oversight is expected to include both members of the current team and new hires. It is planned that employees from other departments of the CFTC will also get a chance to get into the unit.

Benham himself said that he was extremely pleased with the efforts of American lawmakers to create a more comprehensive approach to regulating the cryptocurrency industry. At the same time, he expects that cryptocurrencies will become much more frequent guests of the investment portfolios of US residents:

“Digital assets are getting closer to becoming part of the portfolio of the average American. Surveys and studies show that already now one in five US residents have invested or used cryptocurrencies.”

At the end of June, the co-founder of the Cardano cryptocurrency, Charles Hoskinson, during a congressional hearing, said that the SEC and CFTC would not be able to cope with the regulation of the industry. However, this, in his opinion, is not necessary, since the cryptocurrency industry may well self-regulate.