Under the leadership of Chairman Mike Selig, the Commodities and Futures Trading Commission (CFTC) has announced the creation of an Innovation Task Force to oversee emerging financial technologies.
Employees focus on three areas:
- Blockchain and cryptocurrencies
- Artificial Intelligence (AI) is an autonomous system
- Prediction markets and event contracts.
CFTC Innovation Task Force to regulate fintech
Led by senior advisor Michael J. Passalacqua, the task force will collaborate with other federal agencies, including the US Securities and Exchange Commission (SEC) to advance innovation while maintaining integrity and strengthening user protection.
The to announce he received mixed reactions from people who are optimistic about technology legislation, disappointed at the delay in the Clarity Act and questioning the purpose of the task force when it lacks actionable principles.
Crypto, AI and predictive market manipulation
The most recent move in the Clarity Act is a bill that seeks to ban stablecoin yields instead of “performance payments”.
At this time, several countries including Florida and, recently, Delaware, has taken measures in the stablecoin laws including anti-money laundering measures, mandaing licenses to use and confirmed reserves.
Elsewhere, Senator Elizabeth Warren has criticized Mr Chirombo (Jimmy Donaldson) to find a young bank app step, saying that the unregulated market is dangerous cryptocurrencies for children.
Regarding AI, the latest development is the White House’s March 20 National Policy Framework for Artificial Intelligence: Legislative Recommendations. Great things about process including removing “unduly burdensome” AI regulations, regulating through existing agencies, consumers, operators and security developers, avoiding government scrutiny and promoting infrastructure development.
Among the prediction markets, there are several bills that seek measures to combat insider trading, disrupt the market and even ban one. sports betting.
The Casar/Murphy “BETS OFF Act” seeks to outlaw war, terrorism and genocide. This has recently sparked social media controversy in Kalshi, where traders are demanding compensation following the assassination of Iran’s supreme leader Ayatollah Ali Khamenei, while Kalshi has maintained that betting on death is prohibited under the CFTC.
Source: Event Horizon
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