The CFTC Establishes "Innovation Core Group" to Develop Clear Regulatory Standards for the U.S. Derivatives Market

BlockBeats News, March 24th, According to official sources, Michael S. Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), today announced the establishment of an "Innovation Working Group" aimed at developing clear regulatory rules for innovators creating new products and technologies in the U.S. derivatives market.

This Innovation Working Group will collaborate with the "Innovation Advisory Committee" to jointly advance the development of a clear regulatory framework, with a focus on three areas: (i) crypto assets and blockchain technology; (ii) artificial intelligence and autonomous systems; and (iii) prediction markets and event contracts.

Selig stated: "By establishing a clear regulatory framework for enterprises innovating at the forefront of finance, we can promote responsible innovation domestically and ensure that U.S. market participants are not left behind."

The responsibilities of this working group are to drive the commission's innovation agenda and work with federal agencies and departments, including the U.S. Securities and Exchange Commission (SEC) and its cryptocurrency working group, to advance various innovation initiatives. The working group will be led by Senior Counsel to the Chairman, Michael J. Passalacqua.