The Commodity Futures Trading Commission has launched a new task force focused on cryptocurrencies, artificial intelligence, and the rapidly emerging area of prediction markets, as federal agencies in the U.S. become more aligned in their regulatory stance.
On Tuesday, CFTC Chair Michael Selig unveiled the Innovation Task Force, which he said will focus on advancing rules for new products and technologies.
“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,” Selig said in a statement.
The new task force will work with other federal agencies, including the Securities and Exchange Commission and its crypto task force. The CFTC’s task force will be led by Michael J. Passalacqua, a senior advisor to Selig, according to the statement.
The SEC created its crypto task force last year and has since held several roundtable discussions focused on areas such as DeFi and tokenization.
“The idea behind our innovation task force is to really create a space where innovators and builders can come in and talk with the staff,” Selig said on Tuesday at the Digital Asset Summit in New York City.
The new group will also work alongside the CFTC’s innovation advisory committee, Selig said. The advisory committee was created in February and has over 30 executives, from Kalshi CEO Tarek Mansour to Nasdaq CEO Adena Friedman.
Over the past year, the SEC and CFTC have increasingly coordinated their approach to crypto regulation. Last week, the agencies issued interpretive guidance clarifying jurisdictional boundaries, while indicating that most cryptocurrencies are not securities.
Separately, the CFTC has intensified its focus on prediction markets. Selig has asserted the agency’s jurisdiction in this area, despite opposition from several states that argue such platforms may violate local gaming laws—particularly when tied to sports-related outcomes.
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