Aptos Labs CEO Avery Ching Joins CFTC Digital Asset Subcommittee

Avery Ching, the Chief Executive Officer of Aptos Labs, has been appointed to a Commodity Futures Trading Commission (CFTC) advisory group. This group is tasked with providing guidance on the rules governing digital assets. Ching will serve on the CFTC’s Global Markets Advisory Committee (GMAC) subcommittee, which focuses specifically on digital assets. Other members of this subcommittee include representatives from prominent financial firms such as BlackRock, Goldman Sachs, and Citadel Securities.

Ching's role on the subcommittee will involve collaborating with leaders from both the Web3 and financial services sectors to help shape digital asset regulations. His extensive background in blockchain engineering, particularly his previous leadership of Meta’s Diem blockchain project and his co-founding of Aptos Labs, positions him uniquely to contribute to these discussions. Aptos Labs has developed its own blockchain infrastructure, which serves as the base for transactions and smart contracts, further enhancing Ching's technical expertise in this area.

This appointment connects Ching directly to the U.S. regulatory processes, allowing him to share his technical insights with regulators. The subcommittee's areas of focus include stablecoins, digital asset classification, and risk management. Stablecoins, which are cryptocurrencies designed to maintain a stable value often pegged to assets like the U.S. dollar, are a key area of interest. Ching's experience in building blockchain networks is particularly valuable in these discussions, as the CFTC seeks diverse viewpoints to develop comprehensive frameworks for digital assets.

Aptos Labs is currently involved in several projects that have attracted regulatory attention. The U.S. state of Wyoming has selected Aptos technology for its proposed WYST stablecoin, and investment firm Bitwise has requested regulatory approval for an exchange-traded fund (ETF) tied to Aptos. Additionally, three USD-pegged stablecoins are already operating on the Aptos network. Ching's participation on the subcommittee will enable him to provide firsthand technical knowledge and insights, aiding in the development of effective regulatory policies for the digital asset sector.