The CFTC said in March that it was launching the ITF and that the task force would be dedicated to advancing “clear rules of the road” for those who want to build novel products and technologies within U.S. derivatives markets.
The ITF will work with the CFTC to develop a clear regulatory framework for crypto assets and blockchain technologies; artificial intelligence and autonomous systems; and prediction markets and event contracts, the regulator said in a March 24 press release.
The initial members of the ITF named Friday (April 10) include staff from across the CFTC as well as individuals with extensive private-sector experience with these issues, the CFTC said in a Friday press release.
The five newly named senior advisors are Hank Balaban, who previously practiced law at Latham & Watkins in the firm’s Digital Asset and Emerging Companies practice groups; Sam Canavos, who was previously a consultant at Patomak Global Partners and advised firms on regulatory matters related to innovative technologies; Mark Fajfar, who joins ITF from the CFTC’s Office of the General Counsel; Eugene Gonzalez IV, who previously practiced law at Sidley Austin in the firm’s Blockchain and FinTech practice group; and Dina Moussa, who joins ITF from the CFTC’s Market Participants Division.
“The Innovation Task Force brings together a leading team that exhibits deep expertise and an enthusiastic commitment to deliver clear rules of the road for American innovators,” CFTC Chairman Michael S. Selig said in the release.
The CFTC announced in March that the task force is led by Michael J. Passalacqua, senior adviser to the chairman of the CFTC.
Passalacqua said in a Friday post on X: “Thrilled to be part of a team that pairs deep [CFTC] expertise with private-sector experience ranging from major law firms, [Blockchain Association] & [DeFi Education Fund].”
The CFTC launched an Innovation Tracker to spotlight its innovation initiatives, Selig said in a Thursday (April 9) post on X.
“The [CFTC] is hard at work to keep pace with the rapid speed of innovation in our markets,” Selig said in the post. “Check out our new Innovation Tracker, which highlights all the work the agency has done under my leadership to advance regulatory clarity, market integrity, and responsible technological progress.”