On 28 October 2024, US CFTC Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee (GMAC), announced that the committee will hold a virtual public meeting on Thursday, 21 November 2024, from 9:30 a.m. to 10:30 a.m. EST. This meeting, accessible via a live webcast on the US CFTC website or through a listen-only audio feed, will address advancements in digital asset markets, including tokenised collateral and regulatory frameworks for utility tokens.
Commissioner Pham discussed the GMAC’s role in navigating innovations in market structure, focusing on the application of existing regulatory frameworks to emerging technologies. She expressed anticipation for the committee’s discussions on tokenised collateral, which aim to enhance operational efficiency and risk mitigation, and on establishing a regulatory approach for utility tokens, a growing sector in digital assets.
The first major event on the agenda is an open US CFTC meeting scheduled for 29 October 2024. This in-person meeting at the US CFTC Headquarters Conference Center in Washington, D.C., will gather industry stakeholders and regulatory experts to finalise several rules that discuss the importance of operational resilience within the futures and derivatives markets. The points of discussion include a Final Rule on Operational Resilience for Futures Commission Merchants, Swap Dealers, and Major Swap Participants, aimed at solidifying the risk management frameworks of these entities. Additionally, a Final Rule on Customer Fund Investment will address best practices in managing client assets to ensure both security and compliance, while a Final Rule on Recovery and Wind-down Plans for Derivatives Clearing Organisations will set the groundwork for systematic risk mitigation strategies. Complementing these discussions, the US CFTC will also delve into Executive and Supervisor Compensation Structures, acknowledging the role of effective governance in financial oversight.
Another gathering is the Global Markets Advisory Committee (GMAC) meeting, scheduled virtually for 21 November 2024. This meeting is a clear indication of the US CFTC’s strategic focus on digital assets, a sector rapidly shaping global financial markets. During this session, GMAC will hear from leaders in digital asset markets and finance on integrating innovative technology into financial processes. Highlights include a Digital Asset Markets Subcommittee Recommendation, with experts from BNY Mellon and Franklin Templeton presenting on expanding the use of non-cash collateral through distributed ledger technology. This recommendation could drive greater efficiency and security in collateral management by enabling distributed ledger solutions. Following this, there will be a focused discussion on Utility Tokens led by Chris Perkins of CoinFund. The session aims to establish definitions and market guidance for utility tokens, a class of digital assets that holds distinct regulatory challenges and potential use cases.
The upcoming GMAC meeting will feature two primary presentations from its Digital Asset Markets Subcommittee:
- Tokenised Collateral Presentation: A presentation by the Tokenised Collateral workstream will propose expanding the use of non-cash collateral using distributed ledger technology. The Subcommittee will offer a recommendation on this initiative, exploring its potential to streamline collateral management while enhancing security.
- Utility Tokens Presentation: The Utility Tokens workstream will present their ongoing work on defining utility tokens and creating market participant guidance. This presentation will address regulatory considerations and practical frameworks for integrating utility tokens within the broader market structure.
In addition to regulatory discussions, the U.S. Department of Education has announced the 2025 Fulbright-Hays Group Projects Abroad (GPA) Program, an initiative designed to support academic projects focused on modern foreign language and area studies. With applications due by 21 January 2025, the program invites educators, students, and researchers to propose projects that deepen language skills and cultural understanding, furthering international education objectives. The program is divided into short-term and long-term projects, enabling participants to engage in intensive language programs or conduct research abroad. This initiative aligns with the Department’s broader mission to expand global competencies within the U.S. education system and encourage cross-cultural academic exchange.
Participation and Access Details
- How to Attend: The public may view the meeting live on gov or through the CFTC’s YouTube channel. Call-in options include toll-free and standard lines, with a Webinar ID (161 533 1062) and Passcode (990545) required for access.
- Contact Information: For more details or assistance, Harry Jung serves as the GMAC Designated Federal Officer, with Nicholas Elliot as the Alternate.
(Source: https://www.cftc.gov/PressRoom/PressReleases/9002-24)
