The US Commodity Futures Trading Commission has created a new committee to help oversee blockchain and artificial intelligence (AI) technology.
This decision was announced on January 12 by CFTC Chair Mike Selig, who said the agency seeks to bring members of the public and private sectors to address questions related to advanced digital technology in finance.
The Innovation Advisory Committee plans to examine several issues, including how technologies such as distributed ledgers and AI could change existing rules for commodities and derivatives.
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The CFTC hopes that advice from these experts will guide its regulation as trading technology continues to evolve.
Selig said in a statement:
Innovators are harnessing technologies such as artificial intelligence, blockchain, and cloud computing to modernize legacy financial systems and build entirely new ones.
Various organizations, including government representatives, think tanks, and financial institutions, have been invited to participate.
Their main tasks will involve studying the impact of AI and blockchain on protecting investors, ensuring reliable markets, and maintaining proper risk controls for new financial products.
The committee members are also expected to discuss information security and privacy matters related to these new technologies.
Recently, the CFTC granted a no-action letter to Bitnomial Exchange, which allows it to offer event contracts and prediction markets. What does the letter cover? Read the full story.
