The CFTC has started its first Innovation Advisory Committee meeting as the agency looks at how crypto, artificial intelligence and prediction markets could shape U.S. finance. The meeting comes as Chairman Michael Selig pushes for clearer rules and says the U.S. must stay ahead in these fast-growing markets.
CFTC Puts Crypto at Center of Innovation Plans
The meeting was held today in Washington, D.C., chaired by Walt Lukken and backed by Selig. The meeting brought together executives and experts from companies including Ripple, Coinbase, Uniswap and CME Group.
Selig used the meeting to explain how the CFTC plans to handle new financial technology while keeping the U.S. as a leading market.
“We’ve crossed the Rubicon and are standing at a new frontier of finance.”
He added that the question is no longer whether blockchain, AI and prediction markets will change finance, but “where this innovation will take place and who will write the rules.”
The CFTC currently oversees about half of the world’s $1.2 quadrillion derivatives market, according to Selig. He said the agency now needs to keep its rules in line with new technology.
CFTC Plans New Crypto Rules if CLARITY Stalls
Crypto was one of the main areas discussed during the meeting. Selig said the CFTC is working with the SEC on clearer rules for digital assets and remains hopeful that Congress will pass the CLARITY Act.
“If CLARITY continues to stall, the CFTC will use its existing powers to build rules for crypto markets.”
He has already directed CFTC staff to explore rules that could allow crypto exchanges to become registered digital asset markets and offer leveraged or margined trading under CFTC oversight.
Selig also said the agency is working with developers of onchain finance protocols to help them operate legally in the U.S.
AI and Prediction Markets Also in Focus
The CFTC is also looking at markets for computing power needed to run AI systems. The agency recently issued a request for public comments on compute markets and plans to work with the Commerce Department on a regulatory framework.
Prediction markets are another major focus. Selig said the CFTC plans to update rules for event contracts, including stronger consumer protections and clearer listing rules.
The agency has already proposed changes to Rule 40.11 and expects further proposals covering event contracts and trading platforms.
Selig said the CFTC wants to “remain at the top” as these new markets grow, while giving companies clearer rules to build and operate in the U.S.
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