- With Shaikh’s appointment, the Layer 1 blockchain Aptos gains even more credibility.
- Aptos is a blockchain network that aims to process transactions faster than Ethereum.
It appears that the U.S. Commodities and Futures Trading Commission (CFTC) is trying to bring together the digital assets sector and the traditional financial markets by adding Mo Shaikh, CEO of Aptos Labs, to its digital assets subcommittee.
The CFTC’s rulemaking on international commerce and business is greatly influenced by the Digital Assets Markets Subcommittee, which is a part of the Global Markets Advisory Committee (GMAC). Members of the GMAC have been there since 1998, and they come from all around the financial industry, including HSBC, Citadel, and Goldman Sachs.
More Credibility
Notable BNY Mellon, Polygon Labs, Uniswap Labs, and BlackRock executives are among the 34 members of the subcommittee. To aid the CFTC through the maze of digital asset regulation, these industry representatives give vital guidance. One of the subcommittee members, Shaikh, reportedly applied for the position in writing (DL News).
With Shaikh’s appointment, the October 2022-launched Layer 1 blockchain Aptos gains even more credibility. People who had worked for Facebook’s parent company, Meta Platforms, before left to build the network. Diem, Facebook’s blockchain project, was abandoned in February 2022 after having Shaikh and co-founder Avery Ching working on it.
Aptos is a blockchain network that aims to process transactions faster than Ethereum. It uses Move, a programming language that was originally developed for Diem. Andreessen Horowitz and Jump Crypto are among the renowned venture capital firms that have contributed $400 million to Aptos Labs.
Additionally, Aptos Labs will be unlocking their tokens next week. On June 12, 2024, following its prior token unlock, Aptos will subsequently release an extra 11.31 million tokens, valued at over $103 million.
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