I am pleased to see that the MRAC is following on to and continuing the important discussions that the Global Markets Advisory Committee (GMAC), which I sponsor, raised at our February 13 meeting a couple weeks ago—global market structure including trading, liquidity, and clearing; global commodity market volatility; and digital assets. I appreciate Commissioner Johnson and the MRAC’s recognition and support of the GMAC’s work.

It is one of our key traditions that the CFTC’s Advisory Committees have historically complemented one another in order to cover more ground and address the breadth of significant issues facing our markets. Since the GMAC is focused on global business and global markets, including issues that impact strategy and operations, I am glad that the MRAC—which is about risk—can focus on critical areas such as market risk and other risks impacting our market participants, from systemic risk to credit or counterparty risk.

I look forward to hearing today’s panel discussions, and appreciate that they will help to introduce thorough examination of areas such as DeFi and cybersecurity at the Technology Advisory Committee (TAC) meeting on March 22, sponsored by Commissioner Goldsmith Romero. We just had excellent presentations on electrification and industrial metals markets at the recent Energy and Environmental Markets Advisory Committee (EEMAC) meeting on February 28 sponsored by Commissioner Mersinger, and the Agricultural Advisory Committee (AAC) sponsored by Chairman Behnam will deeply explore geopolitical and sustainability issues on April 5.

As you can see from all of our Advisory Committees, it is important for the CFTC to have expert advice from market participants and the public. The efforts on this Committee help to ensure that the Commission’s work reflects input from those directly affected as we consider the most effective and efficient ways to mitigate and manage risk. Thank you.