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
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
The LAB price just reminded the market why low-float assets and leveraged traders are a…
The GRAM price is finally showing signs of life after spending much of Q2 looking…
The crypto market likes to pretend it's decentralized until the bluechip crypto’s start moving. Then…
Story Highlights The live price of the Stellar crypto is If payment adoption and tokenization…
Gram price rallied nearly 9% over the past 24 hours, outperforming much of the broader…
Pi Network, which once traded near $3, has now fallen below $0.30 and is currently…
