By Richard Hill, Bloomberg BNA
Georgetown University law professor Daniel Gorfine has been named director of the CFTC’s effort to encourage innovation in financial technology.
Gorfine also will serve as the Commodity Futures Trading Commission’s chief innovation officer. He begins immediately.
Gorfine, who teaches fintech law, most recently was vice president and associate general counsel of OnDeck, a firm that makes loans to small businesses. He also previously served as director of financial markets policy and legal counsel at the think tank Milken Institute.
Gorfine will be in charge of LabCFTC, a new CFTC initiative aimed at providing more regulatory certainty to fintech innovators in the derivatives space. The goal is to make markets more competitive and digital. LabCFTC’s first director, Jeffrey Bandman, left the agency in June.
The CFTC wants to “disrupt the status quo and change the way government interacts with our ever-innovating marketplace,” acting CFTC Chairman J. Christopher Giancarlo said in a statement July 10. One of Gorfine’s main responsibilities will be to coordinate the CFTC’s fintech efforts with those of other national and global regulators and with lawmakers, the agency said.