Crypto leaders join CFTC panel as U.S. pushes ‘pro-innovation’ rules

ambcryptoPubblicato 2026-02-13Pubblicato ultima volta 2026-02-13

Introduzione

The U.S. Commodity Futures Trading Commission (CFTC) has formed an Innovation Advisory Committee (IAC) under the Trump Administration, comprising leaders from both crypto and traditional finance sectors. Members include executives from Coinbase, Uniswap, Ripple, Chainlink, and Solana, as well as representatives from prediction markets and major financial institutions like Nasdaq and the London Stock Exchange. CFTC Chair Mike Selig stated the committee aims to develop adaptive regulations to keep pace with innovations in blockchain and AI, ensuring the agency’s rules reflect market realities. The move is seen as a shift from the previous administration’s enforcement-heavy approach. Industry leaders, including Uniswap’s Hayden Adams and Chainlink’s Sergey Nazarov, welcomed the initiative as a positive development for DeFi, tokenization, and the broader crypto ecosystem.

The Donald Trump Administration has formed a new advisory team, the Innovation Advisory Committee (IAC), filled with crypto and traditional finance leaders to help drive American innovation.

On the 13th of February, the Commodity Futures Trading Commission (CFTC) unveiled the members of the Innovation Advisory Committee (IAC).

Players from the crypto industry include Coinbase’s Brian Armstrong, Uniswap’s CEO Hayden Adams, Ripple’s Brad Garlinghouse, Chainlink Labs’ Sergey Nazarov, and Solana’s Anatoly Yakovenko, among others.

On the prediction markets segment, Polymarket founder Shayne Coplan and Kalshi’s Tarek Mansour. Additionally, leaders from sport betting platforms FanDuel and DraftKings were tapped.

On the traditional finance side, Depository Trust and Clearing Corporation (DTCC) CEO Frank LaSalla, London Stock Exchange CEO David Schwimmer, Nasdaq CEO Adena Friedman, and others.

CFTC’s end-game

Academic and interest group representatives are also part of the team to provide a balance on tech updates and breakthroughs. According to CFTC chair Mike Selig, this was an ‘energizing moment’ for the regulator, adding that,

“The IAC’s work will help ensure the CFTC’s decisions reflect market realities so the agency can future-proof its markets and develop clear rules of the road for the Golden Age of American financial markets.”

Selig added that the committee will help CFTC formulate adaptive regulations for new breakthroughs in blockchain and AI that are transforming financial markets. He added,

“By bringing together participants from every corner of the marketplace, the IAC will be a major asset for the Commission as we work to modernize our rules and regulations for the innovations of today and tomorrow.”

Great for DeFi and broader crypto?

It’s worth noting that Selig first signaled the move in late January, calling for ‘fit-for-purpose’ regulation of new technologies disrupting financial markets.

Interestingly, the update also comes at a crucial time for prediction markets. The regulator recently withdrew a Biden-era rule that banned event contracts tied to sports and political activities.

Selig said the move was the agency’s ‘commitment to lawful innovation,’ underscoring the pro-crypto and pro-innovation pivot under the Trump Administration.

Reacting to the latest IAC update, Uniswap’s Hayden Adams said,

“Last admin’s CFTC only wanted to talk via subpoenas and enforcement. And lots of builders on this IAC! A great sign for the future of the agency.”

Similarly, Chainlink Labs’ Nazarov echoed Adams’ enthusiasm and expected the move to be bullish for tokenization, DeFi, and crypto overall.


Final Thoughts

  • CFTC chair forms an advisory team to help prepare the agency to form adaptive regulations.
  • Crypto leaders viewed the move as positive for the industry and a U-turn from the previous administration’s enforcement actions.

Domande pertinenti

QWhat is the name of the new advisory committee formed by the CFTC, and what is its purpose?

AThe new advisory committee is called the Innovation Advisory Committee (IAC). Its purpose is to help the CFTC drive American innovation, ensure its decisions reflect market realities, and develop adaptive regulations for new technologies like blockchain and AI.

QName at least three crypto industry leaders who are members of the newly formed CFTC committee.

AThree crypto industry leaders on the committee are Brian Armstrong (Coinbase), Hayden Adams (Uniswap), and Brad Garlinghouse (Ripple).

QAccording to CFTC Chair Mike Selig, what two key technologies is the committee tasked with helping to formulate regulations for?

AThe committee is tasked with helping to formulate regulations for blockchain and artificial intelligence (AI).

QWhat recent action did the CFTC take regarding prediction markets, and how did the chairman describe this move?

AThe CFTC withdrew a Biden-era rule that banned event contracts tied to sports and political activities. Chairman Selig described this move as a demonstration of the agency's 'commitment to lawful innovation'.

QHow did Uniswap CEO Hayden Adams characterize the difference between the current CFTC's approach and that of the previous administration?

AHayden Adams said that the previous administration's CFTC 'only wanted to talk via subpoenas and enforcement,' contrasting it with the new committee which includes many builders, calling it a 'great sign for the future of the agency.'

Letture associate

The Value Distribution of Stablecoins

**Summary: The Value Distribution of Stablecoins** The article argues that stablecoins are evolving from mere trading tools into broader channels for dollar access. It divides the stablecoin ecosystem into four layers to analyze how value is distributed: 1. **Issuance Layer:** Mints stablecoins, holds reserve assets, and captures the spread between reserve yield and user costs (e.g., Tether, Circle). This layer currently earns the largest profit margin. 2. **Infrastructure Layer:** Connects stablecoins to the traditional financial system, handling fiat on/off-ramps, banking integration, compliance (KYC/AML), and asset management (e.g., Bridge, BVNK). This is the "unglamorous" but critical work, building the essential bridges between crypto and real-world finance. 3. **Acquiring/Distribution Layer:** Integrates stablecoins into merchant systems, manages payment flows, and provides enterprise financial software (e.g., Stripe, Coinbase). They act as the access point for businesses. 4. **Application Layer:** The end-users and businesses that ultimately use stablecoins for payments, settlements, or as a store of value. They benefit from convenience but have little pricing power. The core thesis is that while the issuance layer currently dominates profits, the often-overlooked **infrastructure layer holds significant long-term potential**. The real challenge and barrier to mass adoption is not the on-chain transfer of stablecoins (which is simple), but the complex "last mile" integration into existing business workflows, banking systems, and regulatory frameworks across different countries. Companies in this layer are currently in a "land grab" phase, investing heavily to build networks, secure bank partnerships, and establish compliance pathways. While their position is currently pressured by the profitable issuers above and distribution platforms below, the article suggests that if stablecoins become a default financial rail for businesses, the infrastructure providers who have done the hard work of integration will ultimately gain strong pricing power and become entrenched, essential players.

marsbit4 h fa

The Value Distribution of Stablecoins

marsbit4 h fa

The Value Distribution of Stablecoins

The Value Distribution of Stablecoins The article argues that stablecoins are evolving from a mere trading tool into a broad "dollar channel." It analyzes the industry's value chain through four layers: 1. **Issuance Layer (e.g., Tether, Circle):** The top layer that mints stablecoins, holds reserve assets, and captures the thickest interest rate spread. 2. **Infrastructure Layer (e.g., Bridge, BVNK):** Connects stablecoins to the traditional financial system, handling critical but complex "dirty work" like fiat on/off-ramps, banking integration, compliance (KYC/AML), and cross-border settlement. 3. **Acquiring/Distribution Layer (e.g., Stripe, Coinbase):** Embeds stablecoins into merchant systems, manages payment flows, and integrates with enterprise software. 4. **Application Layer:** End-users and businesses that ultimately use stablecoins for payments, settlement, or storing value. The author posits that while the issuance layer currently captures the most profit, the most overlooked and potentially critical layer is infrastructure. The core challenge for stablecoin adoption isn't the on-chain transfer (which is simple), but bridging the gap between blockchain and the real-world financial system. This involves solving practical problems for businesses: fiat conversion, reconciliation, tax handling, and user onboarding. Infrastructure companies are currently in a difficult "land-grab" phase—building networks, securing banking relationships, and achieving compliance country-by-country. They face pressure from both the profitable issuance layer above and distribution platforms below. However, the author suggests this layer is building a crucial moat. Once stablecoins become a default business rail, the infrastructure players who have done the hard work of integration may gain significant, durable value and pricing power.

链捕手5 h fa

The Value Distribution of Stablecoins

链捕手5 h fa

How to Do Research Well: Deliberately Practice the Real Skills That Matter

No one truly teaches you how to do research. You're often given a desk, a pre-selected problem, and vague instructions to "create something new." Consequently, many people reverse-engineer the job based on visible outputs—papers, posts, announcements—learning only how to *appear* like a researcher rather than how to *become* one. True research capability is built from stacking small, trainable skills, nearly all of which can be developed through deliberate practice. **Pick Your Own Problem:** Most researchers absorb problems from advisors or trends, lacking the underlying reasoning. Choosing a problem you genuinely care about, as John Schulman advises, leads to original work. Develop "taste" like a muscle: predict experiment outcomes, guess paper results from methods, and track which findings remain important over time. **Upgrade Your Inputs:** Relying on shared reading lists (arXiv hot lists, filtered group chats) leads to unoriginal conclusions. Undervalued old literature often holds crucial insights (e.g., MoE, LSTM, backpropagation). Richard Sutton's "The Bitter Lesson" or Claude Shannon's 1952 talk on creative thinking are more predictive than lengthy modern surveys. Breadth matters as much as depth: draw from neuroscience, mechanism design, hardware knowledge, and honest statistics. Read papers directly, especially appendices and limitations sections. **Write Everything Down:** As Paul Graham noted, writing exposes flaws in seemingly mature ideas. Writing is the cheapest defense against self-deception. Following Feynman's principle, Darwin programmatically wrote down facts contradicting his theory to combat memory bias. Maintain a detailed log of hypotheses, setups, predictions, results, and updated understandings. Reviewing past logs fosters essential humility.

marsbit7 h fa

How to Do Research Well: Deliberately Practice the Real Skills That Matter

marsbit7 h fa

Trading

Spot
Futures
活动图片