Michael Selig, chair of the Commodity Futures Trading Commission, launched the commission’s Innovation Advisory Committee (IAC) recently.
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The IAC was formed to gather expertise and recommendations for innovation in financial markets, officials said. Formerly known as the Technology Advisory Committee, the group will include representatives from the financial industry, regulatory bodies, financial technology providers, public interest groups, academia and market infrastructure firms. Selig said he intends to nominate the CEO Innovation Council participants as charter members of the IAC.
“A wide range of novel technologies are enabling the creation of entirely new products, platforms, and businesses and transforming the financial markets landscape,” Selig said. “Innovators are harnessing technologies such as artificial intelligence, blockchain, and cloud computing to modernize legacy financial systems and build entirely new ones. Under my leadership, the Commission will develop fit-for-purpose market structure regulations for this new frontier of finance. The Innovation Advisory Committee will play a critical role in advising the Commission on the commercial, economic, and practical considerations of emerging products, platforms, and business models in the financial markets so that it can develop clear rules of the road for the Golden Age of American Financial Markets.”
The IAC’s objectives and scope, according to its charter, will be to provide advice and recommendations to the CFTC, as well as to assist the Commission in identifying and understanding the impact and implications of technological innovation in the financial services, derivatives and commodity markets.
Additionally, the IAC will provide advice on the application and utilization of new financial services technologies, and those new technologies used by market professionals and market users. The IAC may also provide advice to the Commission on the level of investment in technology at CFTC to meet surveillance and enforcement responsibilities.
Selig said he is also seeking nominations for additional IAC members, and that submissions must be received by Jan. 31, 2026. Nominations should include relevant information about the nominee, as well as information that supports the individual’s qualifications for selection.
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