CFTC forms new innovation task force to shape crypto, artificial intelligence and prediction markets

The Commodity Futures Trading Commission (CFTC) has launched a new Innovation Task Force aimed at advancing rules for new financial products and technologies, specifically focusing on cryptocurrencies, artificial intelligence, and prediction markets. CFTC Chair Michael Selig stated the goal is to foster responsible innovation by establishing a clear regulatory framework. This new group will collaborate with other federal agencies, including the SEC, and will be led by Michael J. Passalacqua. Selig emphasized that the task force will serve as a direct channel for innovators and builders to communicate with CFTC staff. The formation of this task force follows increased coordination between the CFTC and SEC on crypto regulation, including recent guidance on jurisdictional boundaries. Furthermore, the CFTC is intensifying its focus on prediction markets, asserting jurisdiction despite opposition from some states.

(Source：The Block)