The US Commodity Futures Trading Commission has announced the initial members of its newly formed Innovation Task Force, created to improve regulatory clarity for the digital asset market. The unit was launched by CFTC Chairman Mike Selig on March 24 and is led by Michael Passalacqua, the chairman’s senior advisor.
Joining Passalacqua are five inaugural members:
– Hank Balaban, formerly a crypto attorney at Latham & Watkins
– Sam Canavos, previously an advisor on crypto and prediction markets at Patomak
– Mark Fajfar, a long-serving CFTC legal official
– Eugene Gonzalez IV, formerly a blockchain lawyer at Sidley
– Dina Moussa, special counsel in the CFTC’s Market Participants Division
Chairman Selig said the 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.’
The task force complements broader efforts by the CFTC and the Securities and Exchange Commission to establish clearer rules for digital assets under the current administration. As part of that push, the CFTC unveiled an ‘innovation tracker’ website to catalog the agency’s initiatives aimed at regulatory clarity, market integrity, and responsible technological progress. The tracker highlights three priority areas: crypto and blockchain, artificial intelligence and autonomous systems, and contracts and prediction markets.
Recent guidance from the SEC in mid-March suggested that many crypto assets may not fall under the SEC’s securities jurisdiction, which could leave parts of the industry primarily overseen by the CFTC. A definitive allocation of responsibilities between the agencies awaits congressional action on the CLARITY Act. SEC Chair Paul Atkins has urged lawmakers to pass the bill, saying both agencies are ready to implement it and calling for legislation to protect market participants and provide a durable regulatory framework.
Source: Michael Passalacqua. Cointelegraph states its commitment to independent, transparent journalism and encourages readers to verify information; see cointelegraph.com/editorial-policy for details.