CFTC has appointed the CEO of Aptos Labs to its Digital Assets Markets Subcommittee within the Global Markets Advisory Committee (GMAC).
The United States Commodities and Futures Trading Commission has named Mo Shaikh, CEO of Aptos Labs, to its digital assets subcommittee.
This appointment appears to be an attempt to bridge the gap that exists between the traditional financial markets and the digital asset business.
CFTC’s Digital Assets Markets Subcommittee
When it comes to the regulatory process of the Commodity Futures Trading Commission (CFTC) regarding international trade and business, the Digital Assets Markets Subcommittee, which is a member of the Global Markets Advisory Committee (GMAC), plays a crucial role.
Citadel, Goldman Sachs, and HSBC are just some of the big financial institutions that are represented on the Global Management Advisory Council (GMAC), which was established in 1998.
Notable executives from BlackRock, Polygon Labs, Uniswap Labs, and BNY Mellon are among the members of the subcommittee, which consists of 34 individuals. The Commodity Futures Trading Commission (CFTC) receives essential information from these industry representatives, which assists the CFTC in navigating the difficulties of digital asset regulation.
The written application process was the means by which Shaikh, one of the members of the subcommittee, was able to gain his seat, as reported by DL News.
Aptos Represents Web3
Shaikh’s nomination lends additional credibility to Aptos, a Layer 1 blockchain that entered the market in October 2022. Former employees of Meta Platforms, the business that Facebook is a subsidiary of, were responsible for developing the network.
Both Shaikh and Avery Ching, who was also a co-founder of Facebook, had previously worked on the blockchain project known as Diem. However, in February of 2022, they decided to stop working on it.
In order to power a blockchain network that is supposed to execute transactions more quickly than Ethereum, Aptos makes use of Move, which is a programming language that was primarily developed for Diem.
Andreessen Horowitz and Jump Crypto are two of the top venture capital firms that have contributed $400 million to Aptos Labs in order to secure financing for the company. At the same time, Aptos Labs will be undergoing a token unlock next week.
Aptos is planning to release an additional 11.31 million tokens on June 12, 2024. We estimate the value of these tokens to be around $103 million.
This information comes from the tokenomics platform known as Token Unlocks, which states that the blockchain platform intends to launch a total of 105.63 million tokens into circulation between the months of May 2024 and October 2026.
On July 12, 2024, the blockchain platform plans to release 11.30 million APT tokens into circulation during the next unlock.