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Federal derivatives regulators have filled the membership of a new advisory group designed to keep up with rapid changes across financial markets.
On Thursday (February 12), the Commodity Futures Trading Commission (CFTC) released the complete list of 35 people who will sit on the newly created Innovation Advisory Committee. The panel drew executives and experts from across traditional finance and the digital-asset world, demonstrating how closely the sectors intersect today.
The agency says the committee is intended to help it adjust its rules as technology changes trade and market structure. Chairman Michael S. Seligwho is behind the formation of the group, said that the advisors have an important role in ensuring that the policies of the commission “reflect the realities of the market” as it works to “future proof its markets and develop clear rules of the road for the Golden Age of the American Financial Markets.”
Selig also selected Michael Passalacqua to serve as the committee’s designated federal officer. Movement comes as the chairman announced an overhaul of the rules for the prediction marketwhich withdrew the 2024 “rule proposal” that would have stopped political and sports contracts.
The CFTC has brought together a broad mix of market participants in its advisory committee to forecast changes.
The roster reads like a cross-section of the current prediction market. Among those tapped are Hayden Adams of Uniswap Labs, Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse, three prominent names in crypto.
Leaders of major exchanges and long-time market operators also participated. Terry Duffy on CME groupNasdaq’s Adena Friedman, Cboe Global Markets’ Craig Donohue and Intercontinental Exchange CEO Jeff Sprecher are on hand to participate.
The commission also draws from newer trading venues and digital-asset platforms. Shayne Coplan of Polymarket, Tarek Mansour o Kalshi, Kris Marszalek of Crypto.com, Arjun Sethi of Kraken, Gemini’s Tyler Winklevoss and Solana Labs CEO Anatoly Yakovenko are listed as members.
In addition to chief executives, the committee includes voices from venture capital, academia and industry associations. Chris Dixon of a16z crypto and Alana Palmedo of Paradigm will participate, along with Professor Harry Crane and Professor Carla Reyes. Representatives tied to the core plumbing market, including Frank LaSalla of the Depository Trust and Clearing Corporation, Walt Lukken of the FIA and Scott D. O’Malia of the ISDA, were also named.
According to the CFTC, the committee will advise the agency on developments in the derivatives and commodity markets, especially new tools that will change how trading, clearing and risk management operate. The commission says it wants to understand how developments such as artificial intelligence and blockchain influence market behavior and what that might mean for governance.
“America is home to the most transparent and well-regulated financial markets in the world, but we can’t imagine this will always be the case,” Selig said in the announcement. “By bringing together participants from every corner of the market, the IAC will be a major asset for the Commission as we work to transform our rules and regulations for the innovations of today and tomorrow.”
The Innovation Advisory Committee will replace the agency’s former Technology Advisory Committee.
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The post CFTC names 35 members including Kalshi, Polymarket, and DraftKings CEOs to Innovation Advisory Panel first appeared in ReadWrite.
