BitFury Brings Former CFTC, NYMEX Exec to Advisory Board

Bitcoin mining giant BitFury has added two notable figures to its advisory board: Dr. James Newsome, previously Chairman of the Commodity Futures Trading Commission (CFTC) and CEO of the New York Mercantile Exchange (NYMEX); and Hernando de Soto, head of the Institute for Liberty and Democracy, named by The Economist as one of the two most important think tanks in the world.

Newsome was involved in several key initiatives during his tenures at CFTC and NYMEX. He commented on his appointment:

"The forward thinking approach by BitFury founders and management team regarding education, Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term and support for the entire Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term community are perfectly aligned with my views."

de Soto has championed the advancement of rights and freedoms in developing countries, has sought how to empower the poor and proposed how to reduce the wealth gap. He has theorized on how blockchain technology can help solve problems related to wealth and poverty.

With the appointments, BitFury CEO Valery Vavilov also announced the company's opening of a representative office in Washington, D.C. "to stay close to regulators and decision-makers."

The latest appointments are among several by BitFury during the past year as it looks to lead the global bitcoin mining industry. Numerous other industry players have brought on former executives of major financial players, both for senior management and advisory roles.