CFTC Appoints Former Coinbase Exec as Director of Market Oversight

Coinbase’s vice president Dorothy D. DeWitt will now serve as director of the division of market oversight at the United States Commodity Futures Trading Commission (CFTC).

The U.S. CFTC Chairman Heath P. Tarbert announced on Sept. 17 that DeWitt will take responsibility for the CFTC’s oversight over derivatives platforms and swap data repositories, as well as other new platform-traded products.

From asset management to market oversight

Prior to joining the CFTC, DeWitt served as vice president and general counsel for business lines and markets at U.S.-based cryptocurrency exchange and wallet provider Coinbase. DeWitt also held positions as a partner and portfolio manager at asset management firm Cadogan Management, and served at asset management group GAM, among other positions.

Commenting on the appointment, Tarbert said:

“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.”

CFTC’s recent appointments

DeWitt is not the first Coinbase’s officer who has transitioned to the CFTC. In July, the agency announced that it was hiring Andrew L. Ridenour as senior counsel to the chairman. Ridenour joined the CFTC from Coinbase where he worked as counsel for institutional products.

As Cointelegraph previously reported, Tarbert became chairman of the CFTC in mid-July. His predecessor J. Christopher Giancarlo’s five-year tenure saw the rise of cryptocurrency derivatives as an object of regulatory oversight. 

Widely regarded as the crypto industry’s ally, Giancarlo — known as “Crypto Dad” — superintended the historic launch of regulated Bitcoin futures and advocated for a “do no harm” approach to blockchain regulation in his testimony before the U.S. Congress.