TLDR
- Mo Shaikh, CEO of Aptos Labs, has been appointed to the CFTC’s Digital Assets Markets Subcommittee.
- The subcommittee is part of the Global Markets Advisory Committee and provides advice to the CFTC on rules impacting international commerce and companies.
- Aptos is a layer 1 blockchain developed by former employees of Meta Platforms, aiming to process transactions faster than Ethereum.
- Aptos has raised $400 million from major venture capital firms like Andreessen Horowitz and Jump Crypto.
- Aptos Labs is preparing for a token unlock next week, releasing an additional 11.31 million APT tokens valued at around $103 million.
Mo Shaikh, the CEO of Aptos Labs, has been appointed to serve on the Commodities Futures Trading Commission (CFTC)’s Digital Assets Markets Subcommittee.
This subcommittee is part of the larger Global Markets Advisory Committee (GMAC), which provides crucial input to the CFTC on rulemaking that impacts international trade and businesses.
The GMAC consists of high-profile executives from leading financial institutions such as Citadel, Goldman Sachs, and HSBC.
The Digital Assets Markets Subcommittee includes 34 members, including representatives from companies like BlackRock, Polygon Labs, Uniswap Labs, and BNY Mellon.
Aptos is a layer 1 blockchain that was founded by former employees of Meta Platforms, the parent company of Facebook.
Mo Shaikh and co-founder Avery Ching previously worked on Meta’s blockchain project, Diem, before it was discontinued in February 2022. Aptos utilizes the Move programming language, which was initially designed for the Diem project.
The primary goal of Aptos is to facilitate faster transaction processing compared to other blockchains like Ethereum.
Ensuring Web3 & crypto has a future in the US is important to me and to many.
Thanks to CFTC Commissioner @CarolineDPham, I’ll have an opportunity to share POV (shipped w/ @AptosLabs + broader @Aptos ecosystem perspective) directly with key industry & government stakeholders… https://t.co/ULllsxqvTX
— Mo Shaikh 🌐 aptOS (@moshaikhs) June 3, 2024
Shaikh highlighted Aptos’ speed and its ability to accommodate more transactions than other blockchain networks.
This aligns with the broader trend in the blockchain industry, where initiatives are focused on improving transaction throughput.
Aptos has garnered significant support from major venture capital firms. The company has raised $400 million in funding from prominent investors such as Andreessen Horowitz and Jump Crypto.
According to reports, Aptos Labs’ valuation exceeded $4 billion following a funding round in September 2022.
Shaikh’s appointment to the CFTC’s Digital Assets Markets Subcommittee is a significant development for Aptos Labs, as it enhances the legitimacy of the project.
Shaikh expressed that Aptos represents not only layer 1 blockchains but also a broader range of Web3 projects, and he is eager to be a voice for them throughout the regulatory process.
In the coming week, Aptos Labs is preparing for a token unlock event. On June 12, 2024, the company will release an additional 11.31 million APT tokens, valued at approximately $103 million.
This is part of a larger token release schedule that will see a total of 105.63 million APT tokens enter circulation between May 2024 and October 2026, according to TokenUnlocks.
