CFTC Chair Announces Committee to Steer Emerging Tech Regulation

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CFTC Chair Mike Selig has introduced a new advisory committee focused on innovation, tasked with informing the regulator’s approach to technologies including blockchain and artificial intelligence. The announcement was made on Monday.

The newly formed Innovation Advisory Committee supersedes the commission’s older Technology Advisory Committee. Selig explained that the body seeks to include prominent cryptocurrency experts in its deliberations to develop practical, future-oriented market regulations.

The committee’s role will be to advise on the economic and practical considerations of novel financial products and business models. This input is meant to assist the CFTC in creating clear regulatory frameworks during a transformative period for US financial markets.

Selig highlighted how innovators are leveraging AI, blockchain, and cloud computing to overhaul traditional finance. Blockchain technology facilitates more efficient and transparent markets that operate continuously, whereas AI enhances data analysis for trading and risk management purposes.