CFTC Chair Selig unveils innovation committee as agency weighs crypto, prediction markets
CFTC Chair Michael Selig renamed the Technology Advisory Committee to the Innovation Advisory Committee to guide the agency's approach to digital assets and prediction markets.Summary
As one of his initial actions as Chair of the Commodity Futures Trading Commission (CFTC), Michael Selig announced the renaming of the Technology Advisory Committee to the Innovation Advisory Committee. He plans to nominate members of the CEO Innovation Council, which includes leaders from Polymarket, Kalshi, and Gemini, as charter members. Selig stated that under his leadership, the Commission will develop appropriate market structure regulations for the new frontier of finance, encompassing technologies like AI and blockchain. This move comes as Congress debates legislation to expand the CFTC's authority over digital assets, and the agency faces scrutiny over prediction markets, particularly concerning insider trading allegations and politically related wagers, which have prompted legislative action to restrict such bets for elected officials.
(Source：The Block)