The U.S. Commodity Futures Trading Commission (CFTC) launched a task force dedicated to advancing clear rules for innovators building novel products and technologies within U.S. derivatives markets.
The new Innovation Task Force will work with the CFTC to develop a clear regulatory framework for innovators focused on several broad areas. These areas include crypto assets and blockchain technologies; artificial intelligence (AI) and autonomous systems; and prediction markets and event contracts..
“By establishing a clear regulatory framework for innovators building on the new frontier of finance, we can foster responsible innovation at home and ensure American market participants are not left on the sidelines,” said CFTC Chairman Michael Selig.
The Innovation Task Force is charged with executing on the commission’s innovation agenda. It will coordinate with federal agencies and departments, including the U.S. Securities and Exchange Commission and its Crypto Task Force, on innovation initiatives. The task force will also work in partnership with the CFTCs Innovation Advisory Committee.
The Innovation Task Force will be led by Michael Passalacqua, senior advisor to the chairman.
the agency promotes an approach that encourages innovation while preserving core protections against fraud, manipulation, and systemic risk.
The CFTC seeks to foster a regulatory environment where innovation and technological advancements can thrive within the agency’s long-standing principles-based regime. Key goals include promoting market integrity and resilience; providing legal and regulatory clarity; encouraging responsible technological development; enhancing U.S. market competitiveness; and reshoring American innovators.