Chairman Selig Announces Formation of New Innovation Task Force

WASHINGTON - Today, Commodity Futures Trading Commission Chairman Michael S. Selig launched the Innovation Task Force, which is dedicated to advancing clear rules of the road for American innovators building novel products and technologies within U.S. derivatives markets.

The Innovation Task Force, in partnership with the Innovation Advisory Committee, will work with the Commission to develop a clear regulatory framework for innovators focused on: (i) crypto assets and blockchain technologies; (ii) artificial intelligence and autonomous systems; and (iii) prediction markets and event contracts.

"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" said Chairman Selig.

The Innovation Task Force is charged with executing on the Commission's innovation agenda, and will coordinate with federal agencies and departments, including the U.S. Securities and Exchange Commission and its Crypto Task Force, on innovation initiatives.

Michael J. Passalacqua, senior advisor to the Chairman, will lead the Innovation Task Force.