US CFTC launches task force to support crypto innovation

U.S. Commodity Futures Trading Commission (CFTC) Commissioner Michael Selig announced the launch of an Innovation Task Force on March 24. The task force aims to establish regulatory standards for innovative companies developing new products and technologies in the U.S. derivatives market. Specifically, the Innovation Task Force will collaborate with the Innovation Advisory Committee to build regulatory frameworks for the following areas: - Cryptocurrency and blockchain technology - Artificial intelligence and autonomous systems - Prediction markets and event contracts The task force will be led by Michael Pasalaqua, special counsel to Commissioner Selig. Meanwhile, the Securities and Exchange Commission (SEC), the other major U.S. financial regulator, recently clarified its position that crypto assets like Bitcoin are commodities, not securities.