CFTC chief launches innovation task force focused on crypto framework

Chair Michael Selig said that the task force was an example of “future-proofing“ regulation at the Commodity Futures Trading Commission.

The US Commodity Futures Trading Commission (CFTC) is looking to embrace innovation in its regulatory approach to crypto and blockchain with the launch of a new Innovation Task Force, according to a Tuesday notice.

Chair Michael Selig said that the task force will work with the regulator’s Innovation Advisory Committee to create a framework focused on crypto, blockchain, AI, and prediction markets. The effort will be led by Michael Passalacqua, who joined the CFTC as a senior adviser in January after working on crypto and blockchain issues at international law firm Simpson Thacher & Bartlett.

“The idea behind our innovation advisory task force is really to create a space where innovators and builders can come in and talk to the staff,” Selig told attendees at the Digital Asset Summit in New York City on Tuesday. “It’s not just crypto — it’s going to be prediction markets, crypto, and AI. We think these three verticals are really important.”

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