Key Takeaways:
The U.S. Commodity Futures Trading Commission has named the initial five members of its new Innovation Task Force, a key step in the agency's push to create a clearer regulatory framework for the crypto market.
"The Innovation Task Force brings together a leading team that exhibits deep expertise and an enthusiastic commitment to deliver clear rules of the road for American innovators," CFTC Chairman Mike Selig said in a statement on Friday.
The five new members joining task force leader Michael Passalacqua are Hank Balaban, a former crypto lawyer at Latham & Watkins; Sam Canavos, a former crypto advisor at Patomak; CFTC legal veteran Mark Fajfar; Eugene Gonzalez IV, a former blockchain lawyer at Sidley; and Dina Moussa, a special counsel in the CFTC's Market Participants Division.
This move is part of a wider effort by both the CFTC and the Securities and Exchange Commission to provide regulatory certainty for the digital asset industry. The ultimate authority of these agencies hinges on the passage of the Clarity Act, a major piece of market structure legislation currently stalled in Congress.
The task force's formation comes as the CFTC aims to be the primary regulator for the industry. This follows a mid-March proposal from the SEC suggesting most crypto assets do not fall under its jurisdiction as securities. On Friday, Chairman Selig also unveiled the CFTC's "innovation tracker," a new website detailing the agency's work on crypto, artificial intelligence, and prediction markets.
The fate of crypto regulation in the U.S. is closely tied to the Clarity Act. SEC Chair Paul Atkins urged Congress on Thursday to pass the bill, stating both the SEC and CFTC are "ready to implement" it. He called on Congress to "future-proof against rogue regulators and advance comprehensive market structure legislation to President Trump's desk."
This article is for informational purposes only and does not constitute investment advice.
