CFTC launches Innovation Advisory Committee to guide blockchain and AI rules

US Commodity Futures Trading Commission chair Mike Selig has unveiled a new Innovation Advisory Committee to guide regulation of emerging technologies such as blockchain and artificial intelligence, replacing the agency’s Technology Advisory Committee, Selig said on Monday. Selig said the committee will advise the CFTC on the "commercial, economic, and practical considerations of emerging products, platforms, and business models in the financial markets so that it can develop clear rules of the road for the Golden Age of American Financial Markets." He added that "innovators are harnessing technologies such as artificial intelligence, blockchain, and cloud computing to modernize legacy financial systems and build entirely new ones." The announcement said blockchain is changing finance by enabling faster, cheaper, and more transparent transactions in markets that can run 24/7/365, while AI more efficiently analyzes data sets to optimize trading and risk management, among other things.

The CFTC’s move follows the Securities and Exchange Commission in adopting a more tech-friendly approach to regulation to attract innovators, the article said.

Key Topics

Crypto, Cftc, Innovation Advisory Committee, Mike Selig, Blockchain, Artificial Intelligence