U.S. CFTC Recruiting CEOs to Join Innovation Council for Virtual Asset Regulatory Advice

The U.S. Commodity Futures Trading Commission (CFTC) is recruiting industry chief executive officers (CEOs) to form a new innovation council to support the development of regulations for prediction markets and virtual assets (cryptocurrencies). The move is linked to the virtual asset market structure bill that may be subject to a Senate vote.

On the 25th (local time), Crypto in America host Eleanor Terrett reported via X (formerly Twitter) that Acting CFTC Chair Caroline D. Pham is preparing to launch the new innovation council. The council will serve an advisory role in the development of regulations related to prediction markets and virtual assets.

According to Terrett, the council is expected to begin full operations in January next year, timed with the tentative Senate vote on the virtual asset market structure bill (CLARITY). Acting Chair Pham is expected to accept CEO nominations from industry figures until December 8.

The CFTC's formal formation of a private expert group is a step aligned with efforts to organize a regulatory framework for the virtual asset industry, and key issues such as prediction markets, derivatives, and token classification are expected to be discussed.