The Commodity Futures Trading Commission (CFTC) has announced that Daniel Gorfine, the agency’s first Chief Innovation Officer and Director of LabCFTC, will depart in mid-August. Gorfine also served as the Designated Federal Officer of the CFTC’s Technology Advisory Committee.
The announcement comes following the exit of J. Christopher Giancarlo as Chair of the CFTC. Giancarlo was widely appreciated in the digital asset industry as open to crypto innovation. Gorfine joined the CFTC during Giancarlo’s tenure and was well known on Capitol Hill as well as within the wider Fintech industry.
Gorfine joined the Commission to develop and lead LabCFTC, the CFTC’s innovation arm. He helped to craft CFTC policy while ensuring that the CFTC has the regulatory and technological tools and understanding to keep pace with modern, digital markets.
Gorfine lead the CFTC’s efforts to enter into Fintech cooperation arrangements with the UK Financial Conduct Authority, Australian Securities and Investments Commission, and the Monetary Authority of Singapore.
CFTC Chairman Heath P. Tarbert said they are sad to be losing Gorfine:
“He is a thought leader in the federal government on financial technology issues. With Dan’s vision and the support of the Commission, LabCFTC has established itself as a model for regulatory engagement with emerging technologies. I am fully committed to building on the firm foundation Dan has built to further elevate, advance, and modernize how we think about applying a sound, principles-based approach to promising new technologies.”
CFTC Commissioner Brian Quintenz added that Gorfine’s knowledge of public policy has been critical to the success of the CFTC’s Technology Committee:
“In addition, in his capacity as the Chief Innovation Officer for the Commission and Director of LabCFTC, Dan’s vision has positioned the CFTC at the forefront of the intersection between technological innovation and financial regulation. He will be greatly missed.”
Commenting on his departure, Gorfine said he was a firm believer in innovation and well-calibrated regulation:
“I am incredibly grateful to Chairman Tarbert, former Chairman Giancarlo, and all of our Commissioners for the opportunity to serve the Agency and lead LabCFTC. I am proud of the work we have done, inspired by the innovators we have met, and excited for the future of LabCFTC and regulatory innovation offices across the government. I am also very appreciative of having had the chance to work closely with Commissioner Quintenz, our General Counsel, Dan Davis, and the entire LabCFTC team.”
Chairman Tarbert stated he is committed to continuing building the Agency’s Fintech Innovation Hub.
Gorfine is expected to enter the private sector later this year.