Aptos Labs CEO and co-founder Avery Ching joins CFTC Digital Asset Markets Subcommittee

Avery Ching, CEO and co-founder of Layer 1 blockchain developer Aptos Labs, has joined the Commodity Futures Trading Commission subcommittee focused on digital asset markets.

Ching joins other crypto-native industry executives as well as traditional finance leaders on the CFTC Global Markets Advisory Committee (GMAC) Digital Asset Markets Subcommittee, such as Polygon Labs Head of Policy Rebecca Rettig, CoinFund President Christopher Perkins, Nasdaq Vice President Tony Sio, and Franklin Templeton Senior Vice President Sandy Kaul. Ching also onboards at a time when the CFTC's oversight over cryptocurrencies expands — and as the agency's top leadership either leaves or plans to leave, which could potentially bring in more crypto-friendly commissioners, The Block reports.

The GMAC assists the CFTC in maintaining the global competitiveness of United States markets and companies. It has three subcommittees focusing on global markets structure, digital asset markets, and technical issues. The CFTC GMAC Digital Asset Markets Subcommittee supports effective digital asset regulation and bolsters collaboration between industry participants and regulators, according to a CFTC release.

"Avery will collaborate with other leaders from web3 and financial services to help shape digital asset regulations" as a new member of the CFTC's GMAC Digital Asset Markets Subcommittee, Aptos Labs wrote on the social media platform X.

In March 2024, the CFTC GMAC Digital Asset Markets Subcommittee defined and standardized terminology for central bank digital currencies, stablecoins, and other digital assets for better regulatory clarity and consistent language.

All three CFTC GMAC subcommittees were created in February 2023 under CFTC Commissioner Caroline Pham.

Aptos Labs develops the Layer 1 blockchain Aptos, which focuses on building a scalable, user-friendly basis for decentralized applications and smart contracts. The network's native token APT traded at $4.79 as of writing, bringing in nearly $200 million in trading volume in the past 24 hours, according to The Block's APT Price Page. APT has a market capitalization of $3.1 billion.