The CFTC is forming the CEO Innovation Council to guide crypto and prediction market policy. Selig is nominated for chair as a leadership change looms.
Summary
- The CFTC’s CEO Innovation Council will accept senior executive nominations until Dec. 8 to advise on digital assets and market structure.
- Current acting chair Pham stresses industry leadership while Trump’s SEC pick, Selig, awaits Senate confirmation as CFTC chair.
- Selig advocates strong regulatory presence for digital asset commodities amid heightened CFTC-SEC jurisdiction debates.
The U.S. Commodity Futures Trading Commission has opened nominations for a new advisory body focused on cryptocurrency assets and prediction markets, according to a notice issued Tuesday by acting chair Caroline Pham.
The proposed CEO Innovation Council will accept submissions until Dec. 8 for seats on the advisory body, which is designed for senior executives to provide industry guidance on digital assets, exchange innovation, and derivatives market structure, the CFTC announced.
The initiative follows previous CFTC efforts including a “Crypto Sprint” initiative, a public crypto forum, and coordination with members of Congress on a digital asset market structure bill, according to the agency.
“The CFTC stands ready to carry out our mission over expanded markets and products, including crypto and digital assets, and ensure our markets remain vibrant and resilient while protecting all participants,” Pham stated in the announcement. “In order to hit the ground running, it is critical that the CFTC drives public engagement with the support of expert industry leaders and visionaries who are building the future.”
Pham described the council’s mandate as centered on the CFTC’s “expanded mission over crypto and prediction markets,” signaling the agency’s view that these markets fall within its supervisory responsibilities.
CTFC doubles down on crypto oversight
The future of the council’s formation remains uncertain due to a potential leadership transition. President Donald Trump has nominated Michael Selig, an SEC official, to lead the CFTC, with a Senate floor vote on his confirmation expected in the near future. Many lawmakers are not scheduled to return to Washington, D.C., until after the Thanksgiving recess.
The CFTC has operated with minimal leadership for months, with Pham serving as its sole commissioner, according to the agency.
Selig appeared before the Senate Agriculture Committee last week, where he stated that regulatory presence in spot digital asset commodity markets is “vitally important” for consumer protection and orderly trading conditions. His remarks addressed ongoing debates in Washington over the division of authority between the CFTC and the Securities and Exchange Commission regarding digital assets.
The testimony comes as lawmakers revisit proposals to allow stablecoins as collateral in derivatives markets, an initiative the CFTC signaled interest in earlier this year, according to regulatory filings.
Source: https://crypto.news/cftc-launches-ceo-innovation-council-for-crypto-oversight/
