Pushing for an integrated framework including virtual assets, AI, and prediction markets, and strengthening regulatory responses amid parliamentary bill delays
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CFTC Director Michael Selig explained at the Digital Assets Summit held in New York on that day that the task force would build a regulatory framework encompassing virtual assets, blockchain, artificial intelligence, and prediction markets.
This task force operates in collaboration with the regulatory agency's innovation advisory committee and serves as a channel for industry participants to communicate directly with regulatory authorities. Director Selig stated, "The goal is to create an environment where innovators and developers can engage in direct discussions with regulatory authorities."
The task force is led by Michael Passalacqua, Senior Advisor at the CFTC. Passalacqua has experience working on virtual assets and blockchain at the international law firm Simpson Thacher & Bartlett.
This move is interpreted as a trend in which U.S. regulatory authorities are moving to establish independent regulatory frameworks amidst legislative delays in Congress. Previously, the U.S. Securities and Exchange Commission (SEC) also formed a virtual asset regulation task force and has been pursuing similar policy overhauls.
The SEC signaled a shift in regulatory direction through a recent interpretation notice, stating that most virtual assets may not qualify as securities under federal law. SEC Chairman Paul Atkins described the measure as an "intermediate step" toward establishing comprehensive digital asset regulations.
Currently, the Digital Asset Market Structure Act (CLARITY Act) is being debated in the Senate, but its passage is being delayed due to disagreements over stablecoin revenue structures and regulatory scope.
Through this task force, the CFTC plans to increase regulatory clarity for the virtual asset market even in the absence of legislation and accelerate the establishment of a 'future-ready regulatory framework' to respond to technological changes.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
