The Commodity Futures Trading Commission (CFTC) has expanded its Innovation Advisory Committee and added several leaders from the crypto industry.
The committee will offer guidance on how new platforms, products, and financial services may affect markets. It will also help the CFTC understand practical and commercial issues tied to these developments.
CFTC chair Mike Selig introduced the updated committee on February 12. He said the members will “ensure the CFTC’s decisions reflect market realities” and help the agency “develop clear rules of the road for the Golden Age of American Financial Markets”.
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The current committee began work in January. It replaces an older group that focused on how technology affected the derivatives market. The new structure gives the CFTC input into changes in financial markets and business models.
Out of the 35 people selected, 20 come from companies involved in crypto. At least five members work in the prediction-market industry.
Some of the selected members are Polymarket CEO Shayne Coplan, Kalshi CEO Tarek Mansour, Crypto.com
$2.1B
CEO Kris Marszalek, and Gemini
$100.44M
CEO Tyler Winklevoss.
Executives from Nasdaq, Intercontinental Exchange, Cboe Global Markets, CME Group, Kraken
$416.47M
, and Bullish are also included.
Other members represent major names in the crypto industry. These include Coinbase
$1.85B
CEO Brian Armstrong, Solana
Labs CEO Anatoly Yakovenko, Uniswap
CEO Hayden Adams, Ripple CEO Brad Garlinghouse, a16z Crypto partner Chris Dixon, Blockchain.com CEO Peter Smith, Robinhood CEO Vladimir Tenev, Grayscale CEO Peter Mintzberg, and Anchorage Digital CEO Nathan McCauley.
Recently, the CFTC officially canceled a proposal created under the Biden administration that aimed to restrict event-based markets. What did the agency say? Read the full story.
