TechFlow News, March 10: Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), delivered a speech at the FIA Global Clearing Markets Conference in Florida. He stated that the United States is undergoing a new technological revolution, with AI, blockchain, and prediction markets rapidly reshaping market landscapes. The CFTC must ensure innovators are not stifled by rules and regulations designed for a different era.
Selig outlined key priorities for the coming years: 1) Future-proofing derivatives regulation through principle-based, minimally effective regulation; 2) Addressing failures of the Dodd-Frank Act; 3) Ending turf wars between the CFTC and the Securities and Exchange Commission (SEC), as well as regulation-by-enforcement practices; 4) Ensuring the U.S. remains the global capital of cryptocurrency by establishing clear rules—including definitive classification of crypto perpetual contracts; 5) Establishing a gold-standard regulatory framework for prediction markets; 6) Positioning the U.S. as the leading market for AI compute; 7) Refocusing the Commission on its core responsibilities and steering away from issues such as climate policy; 8) Prioritizing the needs of agricultural and energy communities; and 9) Bringing critical minerals markets back to the U.S.
