CFTC Tackles Crypto, AI, Prediction Markets in Bid to Stay Ahead
The Commodity Futures Trading Commission (CFTC) has started its first Innovation Advisory Committee meeting to discuss how crypto, artificial intelligence, and prediction markets can shape U.S. finance.
Chairman Michael Selig emphasized the importance of staying ahead in these fast-growing markets, saying 'We've crossed the Rubicon and are standing at a new frontier of finance.'
The CFTC currently oversees about half of the world's $1.2 quadrillion derivatives market, according to Selig.
Crypto was one of the main areas discussed during the meeting, with Selig stating that the agency is working with the SEC on clearer rules for digital assets and remains hopeful that Congress will pass the CLARITY Act.
If the act stalls, the CFTC plans to use its existing powers to build rules for crypto markets, including allowing crypto exchanges to become registered digital asset markets and offering leveraged or margined trading under CFTC oversight.