Under the leadership of Chairman Mike Selig, the Commodities and Futures Trading Commission (CFTC) has announced the launch of an Innovation Task Force to regulate emerging financial technologies.
The task force focuses specifically on three areas:
Led by senior advisor Michael J. Passalacqua, the task force will partner with other federal agencies, including the U.S. Securities and Exchange Commission (SEC) to promote innovation while maintaining integrity and fostering user protection.
The announcement received mixed community reaction spanning optimism around technological regulation, frustration over delays in passing of the Clarity Act and skepticism over the purpose of a task force when it has no actionable policies from which to reference.
The latest development in the Clarity Act is a draft proposing a ban on passive stablecoin yields in place of “active rewards”.
Meanwhile, several states including Florida and, more recently, Delaware, have taken measures in stablecoin regulation including anti-money laundering measures, mandating operational licenses and proven reserves.
Elsewhere, Senator Elizabeth Warren has criticized Mr Beast’s (Jimmy Donaldson) acquisition of teen banking app step, saying it would market unregulated and risky cryptocurrencies to minors.
As for AI, the latest development is the White House’s March 20 National Policy Framework for Artificial Intelligence: Legislative Recommendations. Major elements of the policy include removal of “unduly burdensome” AI laws, regulation through pre-existing agencies, consumer, workforce and developer protection, prevention of government censorship and promotion of infrastructure development.
Among prediction markets, several bills exist proposing measures against insider trading, market manipulation and even one banning sports betting.
The Casar/Murphy “BETS OFF Act” seeks to ban wagering in war, terrorism and assassinations. The latter recently sparked ethical controversy on Kalshi, with traders demanding payouts following the assasination of Iran supreme leader Ayatollah Ali Khamenei, while Kalshi maintained betting on deaths is prohibited under the CFTC.
Source: Event Horizon
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