Tuesday, 02 January 2024 12:17 GMT

CFTC Forms Panel To Regulate Blockchain And AI Innovations


(MENAFN- Crypto Breaking) US CFTC Launches Innovation Committee to Regulate Emerging Technologies

The U.S. Commodity Futures Trading Commission (CFTC) has announced the formation of a new Innovation Advisory Committee aimed at guiding regulations around transformative technologies such as blockchain and artificial intelligence. This move signals the agency's commitment to fostering responsible innovation while ensuring market integrity amid rapid technological advancements.

The new committee replaces the former Technology Advisory Committee and seeks to incorporate leading voices from the crypto industry to help shape forward-looking regulatory frameworks. CFTC Chair Mike Selig emphasized the importance of the committee advising on the“commercial, economic, and practical considerations” of emerging financial products, platforms, and models, to establish clear rules for modernized markets.

Blockchain technology continues to disrupt traditional finance by enabling faster, more transparent, and cost-efficient transactions in markets operating 24/7. Simultaneously, AI enhances data analysis processes, optimizing trading strategies and risk management. These innovations are vital components of the evolving financial ecosystem.

The move aligns the CFTC with the Securities and Exchange Commission (SEC), which has also adopted a more tech-forward regulatory stance to attract innovation and accommodate emerging markets.

Industry Leaders to Influence Regulatory Direction

Selig will lead the committee and plan to nominate twelve influential figures, including top executives from both the crypto and traditional finance sectors. Notable crypto leaders like Gemini CEO Tyler Winklevoss, Polymarket CEO Shayne Coplan, and Crypto CEO Kris Marszalek will serve as members. Representing traditional finance are figures such as Intercontinental Exchange CEO Jeff Sprecher, Cboe Global Markets CEO Craig Donohue, and Nasdaq CEO Adena Friedman.

Applications for additional committee memberships are open until January 31, 2026, and will also consider perspectives from regulatory bodies, academia, and public interest groups.

Private Sector Emphasizes Strategic Importance of Crypto Innovation

Venture capital firm Andreessen Horowitz (a16z) underscored the significance of crypto innovation in maintaining America's technological and economic leadership. The firm highlighted that collaboration between the U.S. government and private industry will be essential in defending national interests and avoiding loss of global dominance.

As the regulatory landscape evolves, the commitment from both public and private sectors will likely influence the future direction of crypto markets and technological development in the United States.

Crypto Investing Risk Warning
Crypto assets are highly volatile. Your capital is at risk. Don't invest unless you're prepared to lose all the money you invest.

MENAFN12012026008006017065ID1110589765



Crypto Breaking

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

Search