CFTC Chair Michael Selig Launches Innovation Advisory Committee
Commodity Futures Trading Commission (CFTC) Chairman Michael S. Selig has launched the Innovation Advisory Committee to “gather expertise and recommendations on innovation in financial markets,” according to the news release.
CFTC’s Committee To Provide Balanced Viewpoints
The Innovation Advisory Committee (IAC) has been renamed from the Technology Advisory Committee. It will provide a balance of viewpoints representing “the financial industry, regulatory bodies, financial technology providers, public interest groups, academia, and market infrastructure firms.”
Innovators are harnessing technologies such as artificial intelligence, blockchain, and cloud computing to modernize legacy financial systems and build entirely new ones,” said Selig. “Under my leadership, the Commission will develop fit-for-purpose market structure regulations for this new frontier of finance.
“The Innovation Advisory Committee will play a critical role in advising the Commission on the commercial, economic, and practical considerations of emerging products, platforms, and business models in the financial markets so that it can develop clear rules of the road for the Golden Age of American Financial Markets.”
Chairman Selig will sponsor the committee and plans to nominate the CEO Innovation Council participants as its charter members. Selig is seeking nominations for additional IAC membership as well.
IAC Nominations, Topics Must Be Submitted By End Of January
Per the CFTC, each nomination submission is required to include relevant information about the nominee, including the individual’s name, title, and organizational affiliation.
In addition, the submission should include suggestions for potential topics to prioritize as well as the name and email or mailing address of the person nominating the individual.
The CFTC notes that submissions and topic selections must be received by Jan. 31, 2026.
The new committee could be a viable solution to the increasing pressure to regulate the prediction market industry. Prediction market platforms, such as Polymarket and Kalshi, are regulated by the CFTC.
However, gaming regulators and lawmakers across the country believe the operators should obtain sports betting licenses if they’re going to offer sports event contracts.
The Innovation Advisory Committee is expected to facilitate the development of clear rules for the future of prediction markets and regulated exchanges.
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