August 2, 2019

CFTC’s Gorfine to Depart Agency

Chairman Tarbert Commits to Continue Building Agency’s Fintech Innovation Hub

Washington, DC — The U.S. Commodity Futures Trading Commission announced today that Daniel Gorfine, the agency’s first Chief Innovation Officer and Director of LabCFTC, will depart in mid-August to return to the private sector.  Mr. Gorfine also served as the Designated Federal Officer of the CFTC’s Technology Advisory Committee.

Mr. Gorfine joined the Commission in 2017 to develop and lead LabCFTC, which is focused on facilitating market-enhancing innovation, informing policy, and ensuring that the CFTC has the regulatory and technological tools and understanding to keep pace with modern, digital markets.  The effort seeks to shape regulatory approaches and frameworks for the 21st century. 

“We are sad to be losing Dan.  He is a thought leader in the federal government on financial technology issues,” said CFTC Chairman Heath P. Tarbert.  “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.”

“Dan’s deep technological expertise and understanding of public policy have been critical to the success of the CFTC’s Technology Advisory Committee,” added CFTC Commissioner Brian Quintenz. “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.”

“As a firm believer in the dynamism and benefits of innovation, markets, 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,” Gorfine said.  “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.”

Under Mr. Gorfine’s leadership, LabCFTC broke new ground at the Commission by:

• Holding innovator office hours across the U.S. and internationally and developed CFTC primers on virtual currencies and smart contracts;

• Analyzing and seeking public feedback on crypto-asset markets and mechanics in order to help inform the Commission;

• Announcing the creation of a LabCFTC Accelerator focused on public innovation competitions and internal technology pilots and trials;

• Holding the first CFTC Fintech Forward conference; and

• Leading 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.

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