CFTC innovation panel meets in Washington to discuss crypto, AI and event contracts
The CFTC’s new Innovation Advisory Committee met for the first time in Washington, with agency leaders saying they want rules that keep pace with fast-moving finance.
The Commodity Futures Trading Commission held the inaugural meeting of its Innovation Advisory Committee in Washington, D.C., with members and agency leaders discussing crypto, artificial intelligence, compute in derivatives markets, prediction markets and novel event contracts.
The CFTC said the committee was created to advise the agency on issues at the intersection of technology, law, policy and finance. The commission said it wants insights and recommendations that can help its regulations keep pace with innovation in markets.
According to the CFTC press release, the meeting began with remarks from Michael J. Passalacqua at 1:00 p.m. ET. He praised the attendees and said their participation reflected Chairman Selig’s commitment to bringing strong voices to the table. Passalacqua also said the committee was grateful for the viewpoints members would bring.
IAC Chair Walt Lukken followed and said the group was not there to advocate for one technology, business model or market participant. He said it was there to provide practical advice based on real-world experience. Lukken said good policy is informed policy and comes from listening to people who operate, use and build these markets every day.
Chairman Selig then convened the meeting and delivered opening remarks. The CFTC said he framed the moment as an inflection point that could shape markets and opportunities for decades. Selig said innovations such as blockchain, artificial intelligence and prediction markets will transform markets, and he said the question is where that innovation will take place and who will write the rules.
The committee later discussed crypto’s regulatory evolution, artificial intelligence and compute within derivatives markets, prediction markets and the future of novel event contracts. The CFTC said Selig adjourned the meeting at 4:00 p.m. ET.
The release did not announce any vote or policy action from the meeting.
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