CFTC Chair Michael Selig unveils task force for crypto, AI and prediction markets
The CFTC launched an Innovation Task Force to set rules for crypto, AI and prediction markets and coordinate with the SEC. Senior advisor Michael J. Passalacqua will lead, per Chair Michael Selig.
On March 24 at the Digital Asset Summit in New York City, the Commodity Futures Trading Commission( CFTC) introduced an Innovation Task Force to develop rules for cryptocurrencies, artificial intelligence and prediction markets. CFTC Chair Michael Selig unveiled the group and named senior advisor Michael J. Passalacqua as lead. The task force will work with the Securities and Exchange Commission (SEC), including its crypto task force.
The initiative will focus on advancing rules for new financial products and technologies and will provide a direct channel for companies to engage with agency staff. In a statement, Selig wrote, “By establishing a clear regulatory framework for innovators building on the new frontier of finance, we can foster responsible innovation at home and ensure American market participants are not left on the sidelines.” He told attendees that the task force is meant to give innovators and builders a place to speak directly with agency staff. The goal is to provide a clear channel for conversations with regulators.
The new group will operate alongside the CFTC’s Innovation Advisory Committee, created in February. The committee brings together more than 30 executives from finance and technology, including Kalshi CEO Tarek Mansour and Nasdaq CEO Adena Friedman, and is intended to inform the agency on market developments and policy priorities.
The launch comes amid increased coordination between the CFTC and SEC on digital asset oversight. Last week, the agencies issued interpretive guidance clarifying jurisdictional boundaries and indicating that most cryptocurrencies are not securities.
The CFTC has also heightened its attention to prediction markets, where users trade contracts on outcomes ranging from elections to sports. Selig has asserted the agency’s jurisdiction over these platforms, while several states argue that some contracts could run afoul of local gaming laws, particularly when tied to sports-related results.
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