Dorothy D. DeWitt, once General Counsel of Business Lines and Markets at Coinbase, is now Director of the Division of Market Oversight at the United States Commodity Futures Trading Commission (CFTC).
A Future for Bitcoin Futures
Chairman Heath P. Tarbert made the announcement, and stated the following regarding DeWitt’s appointment:
“I am excited Dorothy will soon be joining our team. She brings to the CFTC more than 20 years of private sector experience in the financial services and legal fields. Her strong investment, risk, legal, and compliance background and familiarity with distributed ledger technology, including crypto assets, will be invaluable as the agency looks to develop a holistic approach to regulating 21st century commodities.”
DeWitt will take over the position from Amir Zaidi, who served for over nine years.
DeWitt’s Natural Next Step
Most notable, however, is DeWitt’s experience at Coinbase and how she can apply that to her role at the CFTC. Aside from working at the exchange, DeWitt has over a decade’s worth of knowledge from serving as a portfolio manager for alternative investment funds. These had a focus on derivatives and “swaps.”
This experience will come in handy when dealing with upcoming futures, especially when we consider the fact that Bakkt is launching its platform relatively soon. The position has had the responsibility of overlooking previous futures products like the ones at the Chicago Mercantile Exchange or CBOE.
The new Director has also worked with Citadel Securities, S&P Global, and served as an attorney at Davis Polk & Wardell.
Interest in Bitcoin futures has only grown over the years. We’ll have to see how DeWitt can push that even further.
What do you think about this new appointment? Is DeWitt a proper fit for overlooking Bitcoin futures? Let us know your thoughts in the comments below.
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