WASHINGTON — Yesterday, the Commodity Futures Trading Commission held the inaugural meeting of its Innovation Advisory Committee in Washington, D.C. The Innovation Advisory Committee was created to advise the Commission on complex issues at the intersection of technology, law, policy, and finance. This council of American innovators, entrepreneurs, thinkers, and builders provided insights and recommendations to the Commission to help ensure its regulations keep pace with the rapid speed of innovation on the new frontier of finance. 

At 1:00 p.m. ET, Michael J. Passalacqua addressed the IAC membership. “The caliber of people joining us in the room reflects Chairman Selig’s commitment to bringing the very best minds to the table. And we are grateful for the viewpoints each of you will bring to the meeting today.” 

Following Passalacqua’s remarks, IAC Chair Walt Lukken, then addressed IAC members. “Now we are here today not to advocate for one technology, business model, or market participant. We’re here to provide practical advice to the commission that is rooted in real world experiences. Good policy is informed policy, and informed policy comes from listening to the people who operate, use, and build these markets every day.” Watch Lukken’s full remarks here. 

Chairman Selig convened the meeting and delivered opening remarks. “Today, we’re once again at an inflection point. Another moment when the choices we make will shape the markets and opportunities of the decades ahead. We’ve crossed the Rubicon and are standing at a new frontier of finance. It’s not a question of whether innovations like blockchain, artificial intelligence, and prediction markets will transform our markets. It’s a question of where this innovation will take place and who will write the rules. …In this administration, we are choosing to lead. Under President Trump’s leadership, America will not simply participate in this new frontier of finance. We will shape it,” said Chairman Selig. Watch the Chairman’s full remarks here.

At 1:30 p.m. ET, members discussed topics including crypto’s regulatory evolution, artificial intelligence and compute within the derivatives markets, along with prediction markets and the future of novel event contracts. Watch the full meeting here. 

At 4:00 p.m. ET, Chairman Selig adjourned the meeting.