Top executives from two leading financial institutions have been chosen as co-chairs of the Commodity Futures Trading Commission’s (CFTC) digital asset panel.
Caroline Butler, the global head of digital assets at banking giant BNY Mellon, and Sandy Kaul, the head of digital and industrial advisory services at investment firm Franklin Templeton, will serve together as co-chairs of the new Digital Assets, according to a new regulatory press release. Market Subcommittee.
The announcement was made by CFTC Commissioner Caroline Pham.
In the press release, Butler said BNY Mellon is determined to “play a leading role in shaping the future of finance.”
In a recent interview with Scott Melker, Franklin Templeton’s Kaul predicted that institutional investments will eventually form a strong foundation for the digital asset space.
“I think you’re starting to see that institutional importance. I think every time the market goes down, they’re going to come in and put a little bit more up and a little bit more up, and over time that’s going to create a good foundation for the markets.
And when the next bull run really kicks in and retail interest starts to build again, that institutional floor will be under the marketplace. I think this is a cycle, and we’re in the part of the cycle that’s actually super healthy for the long-term growth of the market because these settings have staying power.
Last month, the CFTC approved leveraged crypto derivatives products for the Chicago Board Options Exchange (CBOE), the same institution that submitted a bid to the U.S. Securities and Exchange Commission (SEC) on behalf of financial services firm Fidelity to acquire a spot Bitcoin. to create (BTC) exchange-traded fund (ETF).
The filing was reportedly bounced back by the SEC because it was unclear and incomprehensible.
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