The Commodity Futures Trading Commission (CFTC) Commissioner Dan Berkovitz detailed his relationship with crypto-assets and gave his thoughts on the pending complaint against BitMEX. 

Speaking at The Digital Asset Compliance & Market Integrity Summit (DACOM) 2020, the CFTC commissioner shared his views on cryptocurrency in a one-on-one interview with Solidus Labs CEO Asaf Meir. 

Berkovitz said he first became familiar with crypto-assets during his work in a private practice law firm before taking the role as commissioner in 2018. He said the firm had a number of clients, ranging from start-ups to large financial services companies, interested in exploring the market opportunities of digital currencies. 

Berkovitz highlighted common concerns among the clients, particularly pertaining to the regulatory landscape of crypto, which he has utilized in his current role. 

He said, 

I became familiar with both the challenges facing the industry and very particularly the legal landscape during those years…I think I can understand the challenges entrepreneurs and businesses are facing.

Berkovitz was also asked to provide his take on BitMEX after the CFTC filed a complaint against the cryptocurrency exchange at the beginning of the month.

He explained the commission alleged that BitMEX knowingly operated in the United States, in addition to being complicit in American clients masking their IP addresses, without properly adhering to trading regulations and obtaining specific registrations. 

He continued, 

[BitMEX] didn’t do any of those things and so we charged violations of our regulations and commodity exchange.

The DACOM Summit will continue every other Thursday throughout October and November, where some of the digital asset industry’s leading practitioners in regulation, data integrity, and compliance will discuss strategy and tactics to ensure compliance and adoption of the crypto space.