The U.S. Commodity Futures Trading Commission (CFTC) announced the members of a new 35-person Innovation Advisory Committee to provide advice on innovation. The committee included leading names in the crypto industry: Coinbase CEO Brian Armstrong, Vlad Tenev from Robinhood, Polymarket founder Shayne Coplan, Uniswap founder Hayden Adams, Ripple CEO Brad Garlinghouse, Anatoly Yakovenko from Solana Labs, Sergey Nazarov from Chainlink and Kraken co-CEO Arjun Sethi. Additionally, leaders of organizations that shape traditional financial markets such as Nasdaq, CME Group, Intercontinental Exchange and DTCC were also included in the list.
Advisory Committee Prepared with Broad Participation
This new committee created by the CFTC brings together central figures in the crypto and traditional finance ecosystem. Michael Selig, who is at the helm of the CFTC, explained that the main purpose of the committee is to modernize the market and prepare it for the future. The diversity of names on the committee shows that crypto markets are no longer limited to Bitcoin and futures, but the entire industry is considered more broadly.
The presence of leaders of well-established exchanges such as CME and Nasdaq, as well as crypto-focused platforms such as Coinbase and Robinhood, at the same table reveals the point the industry has reached. The committee aims to develop solutions in areas such as infrastructure, custody, clearing, surveillance and market integrity in crypto and classical markets.
Struggle for Authority Focusing on Crypto and Prediction Markets
The committee also includes CEOs of prediction markets such as Polymarket and Kalshi, as well as executives from FanDuel and DraftKings. These organizations come to the fore at a time when crypto and prediction markets are rapidly becoming more massive and more visible in the financial ecosystem. It was stated that the CFTC is preparing to take a more active role in regulating these areas.
While prediction markets reach high transaction volumes in a short time, discussions on legal regulations and jurisdictions still continue. The CFTC Chairman set an agenda to draft new rules for event contracts and support the responsible growth of this field. According to analysis, this approach indicates that the regulator has started to look at new financial products from a broader perspective.
Transformation in CFTC’s Crypto Strategy
While the issue of expanding regulatory authority regarding the crypto industry is being discussed in the US Congress, various bills have been put on the agenda for the CFTC to take a more active role in digital commodity markets. The Digital Commodity Intermediaries Act, sponsored by the Senate Agriculture Committee, aims to give the CFTC more authority and consumer protections over digital commodities. These developments pave the way for the CFTC to move from being an institution limited only to Bitcoin futures to regulating a much broader crypto market.
The CFTC also issued joint statements to increase cooperation with the SEC to harmonize the integration of new technologies with traditional market rules. It is important for regulatory studies that leaders from within the industry are included in the committee so that those who write the rules can better understand the liquidity, market manipulation, risky situations and infrastructure problems in crypto assets.
Reflections of the Board on the Sector
The new advisory committee aims to integrate crypto products with mainstream market structures and direct the future structure of the industry. This platform, established with wide participation from retail investors to leading company executives, is among the rare structures where both crypto and traditional markets are represented.
It is stated that current developments can accelerate the rapid change in innovative products and financial technologies in the sector, and regulatory institutions need to channel their resources in the most efficient way. The CFTC is directly involving industry representatives in decision-making processes in response to demands from crypto startups that have been calling for clearer regulation for years.
