Reshuffling the Discourse Power of U.S. Innovative Finance: Who Has Secured a Seat at the CFTC Table?

marsbitPubblicato 2026-02-15Pubblicato ultima volta 2026-02-15

Introduzione

The U.S. Commodity Futures Trading Commission (CFTC) has announced the members of its newly formed Innovation Advisory Committee (IAC), signaling a strategic shift toward proactive engagement with financial innovation. Replacing the former Technical Advisory Committee, the IAC includes 35 representatives from major crypto exchanges (Coinbase, Kraken), DeFi and infrastructure leaders (Uniswap, Solana, Chainlink), top VCs (a16z, Paradigm), prediction markets (Polymarket, Kalshi), traditional financial institutions (Nasdaq, CME, ICE), and academics. Chaired by CFTC’s Michael S. Selig, the committee will advise on emerging technologies—including AI and blockchain—and their impact on derivatives and commodity markets. The move reflects a shift from reactive regulation to collaborative governance, integrating diverse industry voices into the rulemaking process. Key implications include legitimization of prediction markets, formal recognition of DeFi and public chains, and enhanced advantages for compliant crypto platforms. The IAC aims to help design adaptive regulations that foster responsible innovation while maintaining market integrity.

Original Title: "Who Is at the CFTC Table? A Redistribution of Discourse Power in U.S. Innovative Finance"

Written by: KarenZ, Foresight News

On February 12, 2026, the U.S. Commodity Futures Trading Commission (CFTC) officially released Announcement No. 9182-26, announcing the list of members for the Innovation Advisory Committee (IAC).

If you think this is just a routine list of "external advisors" for a regulatory agency, you are sorely mistaken.

This list, which brings together traditional financial giants, leading platforms in the crypto industry, DeFi infrastructure providers, top venture capital institutions, and academic representatives, is not merely the formation of an industry advisory group. Instead, it is a critical step in the implementation of the collaborative framework for innovative financial market supervision established by the CFTC under the Federal Advisory Committee Act.

The Innovation Advisory Committee (IAC), spearheaded by CFTC Chairman Michael S. Selig and evolved from the Technical Advisory Committee (TAC), sends a clear signal from its establishment purpose to its final lineup: U.S. regulators are actively embracing crypto and fintech innovation, shifting from "passive regulation" to "collaborative governance."

Star-Studded Lineup: A Full House from Exchanges and DeFi to Traditional Finance

Unlike previous instances where regulatory agencies invited one or two crypto representatives for "window dressing," this CFTC IAC committee list can be described as an "all-star lineup," encompassing 35 members from traditional financial giants, crypto trading platforms, DeFi protocols, blockchain infrastructure providers, investment institutions, academic representatives, and more.

1、CEX

  • Coinbase CEO Brian Armstrong
  • Kraken Co-CEO Arjun Sethi
  • Gemini CEO Tyler Winklevoss
  • Crypto.com CEO Kris Marszalek
  • Robinhood CEO Vlad Tenev
  • Blockchain.com CEO Peter Smith
  • Bullish CEO Tom Farley
  • Bitnomial CEO Luke Hoersten

2、Prediction Markets

  • Polymarket CEO Shayne Coplan
  • Kalshi CEO Tarek Mansour
  • FanDuel President Christian Genetski
  • DraftKings CEO Jason Robins

3、DeFi and Public Chain Infrastructure

  • Uniswap Labs CEO Hayden Adams
  • Ripple CEO Brad Garlinghouse
  • Solana Labs CEO Anatoly Yakovenko
  • Chainlink Labs CEO Sergey Nazarov
  • Etherealize CEO (Ethereum promotion and product startup) Vivek Raman

4、Top Crypto VCs

  • a16z crypto Managing Partner Chris Dixon
  • Paradigm Managing Partner Alana Palmedo
  • Framework Ventures Co-Founder Vance Spencer

5、Digital Asset Custody, Asset Management

  • Anchorage Digital CEO Nathan McCauley
  • Grayscale CEO Peter Mintzberg

6、Traditional Finance, Clearing, and Trading Institutions

  • Option Clearing Corporation CEO Andrej Bolkovic
  • Rothera Markets (Derivatives Exchange and Clearinghouse) CEO Thomas Chippas
  • Cboe Global Markets CEO Craig Donohue
  • CME Group CEO Terry Duffy
  • Nasdaq CEO Adena Friedman
  • Depository Trust & Clearing Corporation President & CEO Frank LaSalla
  • International Swaps and Derivatives Association (ISDA) CEO Scott D. O’Malia
  • London Stock Exchange Group (LSEG) CEO David Schwimmer
  • Intercontinental Exchange (ICE) CEO Jeff Sprecher
  • DRW (Trading Firm) CEO Don Wilson

7、Academic and Compliance Representatives

Professor Harry Crane, Professor Carla Reyes

8、Others

  • Futures Industry Association (FIA) CEO Walt Lukken

The CFTC explicitly stated that the core responsibility of the IAC is to provide professional advice on cutting-edge innovations in the derivatives and commodities markets, with a focus on how technologies like AI and blockchain are reshaping the markets, helping to formulate "adaptive rules" and maintain the effectiveness of financial regulation.

Regulatory Logic: Top-Level Collaboration

The IAC is not a temporary body but a long-term design by the CFTC for the golden age of the U.S. financial market, providing professional advice on technological innovation in financial markets.

According to CFTC Announcement No. 9167-26 issued on January 12, 2026, Michael S. Selig had already defined the IAC's positioning a month prior:

  • Establishment Background: Replacing the former Technical Advisory Committee: This name change is not mere wordplay. Under Michael S. Selig's leadership, the CFTC clearly recognizes that merely discussing blockchain or AI technology is outdated; what is needed now is discussion about the entirely new financial business models catalyzed by these technologies.
  • Core Work: The IAC focuses on areas where finance and technology intersect (such as blockchain, digital assets, AI, etc.), balancing perspectives from the financial industry, regulatory agencies, fintech providers, academic institutions, and others to help the CFTC understand the impact of technological innovation and guide the application of new technologies in financial markets. It serves only in an advisory, suggestion-making capacity and has no actual decision-making power.
  • Operational Details: The CFTC provides support, with an annual operating cost of approximately $170,000; members work without remuneration. Additionally, the CFTC will appoint a designated federal officer to oversee all matters including meetings, compliance, training, etc. The committee will meet at least once a year, and subcommittees can meet as needed.

This means the past situation of "long-distance dialogue" between the industry and regulators is broken. DeFi representatives, CEXs, traditional exchanges, clearinghouses, and VCs are now "sitting at the same table." The CFTC can directly obtain the most frontline market insights and advice, preventing rulemaking from becoming detached from reality.

What Does This Mean for Web3?

The finalization of the IAC list has at least the following clear implications for the crypto industry:

1. The "Legitimization" Coronation of Prediction Markets

On the IAC list, the inclusion of Polymarket CEO Shayne Coplan and Kalshi CEO Tarek Mansour is particularly eye-catching.

After the prolonged tug-of-war with regulators over whether "election prediction" constitutes gambling, the CFTC's move is equivalent to recognizing prediction markets' financial status as "event contracts." More interestingly, the list also includes the presidents of DraftKings and FanDuel—this signifies that the boundaries between sports betting, financial derivatives, and on-chain prediction markets are blurring.

This shift is particularly evident in the regulation of prediction markets. In February 2026, the CFTC announced the withdrawal of the proposed "Event Contracts" rule released in 2024. At that time, CFTC Chairman Michael S. Selig stated bluntly: "The 2024 event contract-related proposal reflected the previous administration's hasty regulation seeking a comprehensive ban on political contracts ahead of the 2024 presidential election." The CFTC will advance new rulemaking based on a rational interpretation of the Commodity Exchange Act that aligns with Congressional intent and promotes responsible innovation in derivatives markets.

2. DeFi and Public Chains Gain an Official "Formal Seat"

The selection of Uniswap, Solana, Chainlink, and Etherealize CEO Vivek Raman (an Ethereum promotion and product startup), among other DeFi and public chain projects or related startups, is not only recognition of DeFi's infrastructural role but also signifies that the CFTC is beginning to acknowledge, from the technical foundation, that code is market structure. Debates about "whether DeFi frontends need licenses" may shift towards the more pragmatic question of "how to make the protocol layer compliant."

3. Further Solidification of "Compliance Dividends" for Leading Platforms

The entry of institutions like Coinbase, Kraken, and Gemini, which have long focused on U.S. compliance, into the core advisory layer means that future CFTC rulemaking will be more aligned with the operational logic of these platforms. The competitive advantage of compliant players will continue to grow.

These platforms, through their deep engagement with regulators, will gain significant advantages in license acquisition and business innovation. The Matthew effect in the industry will intensify further, which will also pressure smaller platforms to accelerate their compliance efforts, driving the overall compliance upgrade of the crypto industry.

Summary

The CFTC's core regulatory areas are derivatives and commodities markets. Innovative areas like crypto derivatives, digital asset futures, blockchain clearing and settlement, and prediction markets are becoming core development directions within this domain.

The establishment of the IAC represents a regulatory paradigm upgrade driven by the CFTC, shifting towards "proactive rule design in the early stages of innovation" and "adaptive regulation based on market realities."

The core of this upgrade is essentially a renewed understanding of the symbiotic relationship between regulation and innovation: financial technology innovation is not the opposite of regulation but a core driver of financial market modernization. The core role of regulation is not to hinder innovation but to define its boundaries, prevent risks, and allow innovation to realize its value within a compliant framework.

Domande pertinenti

QWhat is the significance of the CFTC's Innovation Advisory Committee (IAC) and its new membership list?

AThe CFTC's IAC membership list signifies a major shift in U.S. regulatory approach, moving from 'passive regulation' to 'collaborative governance.' It is a key step in building a collaborative framework for regulating innovative financial markets, actively embracing crypto and fintech innovation. The committee's role is to provide expert advice on frontier innovations in derivatives and commodity markets, focusing on technologies like AI and blockchain.

QWhich major sectors and companies are represented in the CFTC's IAC membership?

AThe IAC membership is a 'all-star lineup' covering major sectors including Centralized Exchanges (CEXs) like Coinbase and Kraken, Prediction Markets like Polymarket, DeFi and public chain infrastructure like Uniswap and Solana, top crypto VCs like a16z crypto, digital asset custodians and managers like Grayscale, traditional financial and clearing institutions like Nasdaq and CME Group, and academic representatives.

QHow does the formation of the IAC impact the prediction market and DeFi sectors specifically?

AFor prediction markets, the inclusion of CEOs from Polymarket and Kalshi is seen as a legitimization, acknowledging their status as 'event contracts' and blurring the lines with sports betting and financial derivatives. For DeFi, the inclusion of projects like Uniswap and Solana represents official recognition of their infrastructure status, shifting regulatory debate from 'whether DeFi front-ends need licenses' to 'how to make the protocol layer compliant'.

QWhat are the stated core responsibilities and operational details of the IAC?

AThe IAC's core responsibility is to provide professional advice on frontier innovations in derivatives and commodity markets, focusing on how technologies like AI and blockchain are restructuring markets, and to help formulate 'adaptive rules' to maintain effective financial regulation. It operates with support from the CFTC at an annual cost of about $170,000, members serve without pay, and it is required to meet at least once a year, with subcommittees meeting as needed.

QWhat broader shift in regulatory philosophy does the establishment of the IAC represent according to the article?

AThe establishment of the IAC represents a paradigm shift in regulatory philosophy towards 'proactive rule design in the early stages of innovation' and 'adaptive regulation based on market reality.' It reflects a renewed understanding that financial innovation is not the opposite of regulation but a core driver of financial market modernization, and the role of regulation is to set boundaries and prevent risks, allowing innovation to create value within a compliant framework.

Letture associate

Stablecoins Finally Find Real Yield: An In-Depth Look at On-Chain Reinsurance Re | A Conversation with Re Founder Karan Saroya

Stablecoin Real Yield Found: A Deep Dive into On-Chain Reinsurance with Re's Karan Saroya As stablecoin supply exceeds $170 billion, the search for sustainable, non-speculative yield intensifies. Re, an on-chain reinsurance platform, provides an answer: connecting stablecoin capital to the trillion-dollar traditional reinsurance market. Re operates as a regulated reinsurer, accepting stablecoin deposits as collateral to back US insurance companies. These insurers pay premiums, generating yield that flows back to on-chain depositors. Currently supporting 35 insurers and underwriting $500 million, Re projects scaling to over $1 billion soon. Key insights from a Bankless podcast with founder Karan Saroya and investor Avichal of Electric Capital: 1. **Uncorrelated, Real-World Yield:** Re offers stablecoin holders access to reinsurance returns (targeting 12-14%+), an asset class entirely separate from crypto or equity markets. 2. **Operational Efficiency via Smart Contracts:** Re replaces traditional, labor-intensive capital fundraising with smart contracts, allowing a ~12-person team to compete with industry giants. 3. **Regulatory Leverage:** For every $1 of collateral, regulations allow backing $5-7 in written premiums. This leverage amplifies returns from the underlying risk-free rate. 4. **DeFi Integration:** Depositors receive receipt tokens, which can be used in protocols like Morpho for "looping," potentially pushing yields to 18-20%+. 5. **The "DeFi Mullet" Model:** A compliant front-end (regulated reinsurer) paired with a decentralized back-end (smart contracts, DeFi capital markets). 6. **RE Governance Token:** Modeled on Lloyd's of London, the token governs the central capital pool's allocation, counterparty acceptance, and parameters. 7. **Real Economic Impact:** Capital funds real-world productivity (factories, clinics, businesses) via insurance, moving beyond crypto's internal loops. The discussion highlights a pivotal moment: DeFi's supply-side infrastructure is now met by real demand for productive yield, potentially kickstarting a flywheel where vast on-chain stablecoin capital seeks these real-world returns.

链捕手13 min fa

Stablecoins Finally Find Real Yield: An In-Depth Look at On-Chain Reinsurance Re | A Conversation with Re Founder Karan Saroya

链捕手13 min fa

1996 or 1999? Walsh's First Test is 'How to View AI'

"1996 or 1999? Wall's First Big Test Is 'How to View AI'" Federal Reserve Chairman Wall's initial challenge is not whether to raise or cut rates, but a more fundamental judgment: what kind of boom is the current AI boom? This will determine the Fed's policy path and define his legacy. Economics is split between two opposing views, according to reporter Nick Timiraos. One sees imminent productivity gains that will increase supply and cool inflation, allowing the Fed to hold steady. The other argues that while productivity benefits are distant, demand shocks are here now, and waiting for data confirmation risks missing the intervention window, forcing sharper rate hikes later. Wall has signaled a leaning toward the first view, echoing 1996-era Alan Greenspan, who embraced strong, productivity-driven growth without fear of inflation. However, Wall faces a different macro environment than Greenspan did, with tariff pressures, expanding fiscal deficits, and diminishing globalization benefits, which could force more significant inflation pressures even if AI benefits materialize. Wall's logic, expressed before taking office, is that AI-driven productivity gains won't show in official data for years. If the Fed waits for confirmation, it might mistakenly tighten policy and choke off the very growth that could suppress inflation. This argues for using forward-looking narratives over lagging data. Chicago Fed President Austan Goolsbee presents a key counter-argument. He distinguishes between expected and unexpected productivity booms. A widely anticipated boom, like the current AI wave, can cause people to spend future wealth gains in advance, overheating the economy before productivity actually rises, thus requiring preemptive rate hikes. He cites rising costs for AI data centers as evidence of such overheating. Fed Governor Christopher Waller offers a rebuttal to Goolsbee, noting the "expected spending" mechanism only works if people can borrow against future income, which many households cannot do due to borrowing constraints. Wall also faces a paradox related to his desire to reduce the Fed's use of "forward guidance" (pre-announcing policy moves). This practice was established in 1999 when Greenspan began signaling hikes to avoid market shocks. If the economy follows a less optimistic path, Wall may be forced to choose between using the guidance he wants to abolish or risking market volatility by staying silent. The ultimate question defining Wall's first major test remains: Is this 1996 or 1999?

marsbit1 h fa

1996 or 1999? Walsh's First Test is 'How to View AI'

marsbit1 h fa

Ethereum Q1 2026 Report: Fees Decline, Users and Transaction Volume Hit New Highs

Ethereum Q1 2026 Report: Fees Down, Users & Transactions Hit New Highs Token Terminal's Q1 2026 report on Ethereum presents a pivotal development: the network achieved record highs in monthly active users (13.2M, +85.9% YoY), total transactions (200.4M, +81.5% YoY), and throughput (25.78 TPS), while transaction fees on the mainnet plummeted by 47.9% quarter-over-quarter. This shift is attributed to the network's strategic move into a "low fees for scale" phase, exemplified by the Fusaka upgrade which increased data capacity and lowered block space costs, releasing pent-up demand (a manifestation of Jevons's Paradox). The report highlights a core narrative shift for Ethereum: from a DeFi-centric blockchain to a global financial settlement layer. It maintains a dominant position in tokenized assets, holding majority market shares among top chains in stablecoins (61.8%), tokenized funds (73.0%), and tokenized commodities (84.0%). Growth in tokenized funds (+73.1% YoY) and commodities (+325.9% YoY) was particularly strong, driven by institutions like BlackRock and JPMorgan entering the space. Contrasting these usage gains, several USD-denominated value metrics declined in Q1: fully diluted market cap fell 30.3% QoQ, total value locked (TVL) dropped 11.0%, and ecosystem transaction volume decreased 24.0%. The report interprets this as Ethereum prioritizing long-term network expansion and cementing its role as the default settlement layer for finance over short-term fee capture. The commentary from Etherealize argues that, much like the early internet, Ethereum's open, permissionless model is poised to win over closed alternatives as institutional tokenization accelerates.

marsbit2 h fa

Ethereum Q1 2026 Report: Fees Decline, Users and Transaction Volume Hit New Highs

marsbit2 h fa

Intel CEO Liwu Chen's First Podcast Interview: Our Goal is '10x in 5-10 Years', Betting on Advanced Packaging, Glass Substrate, and Synthetic Diamond

Intel CEO Chen Liwu outlines a bold vision for the company's transformation in a podcast interview, targeting a "10x return in 5-10 years." He emphasizes a strategic shift beyond traditional process node scaling, focusing on advanced packaging (like EMIB), new materials (glass substrates, GaN, SiC, InP, synthetic diamond), and system-level integration. Key to this is Intel's foundry business, where he prioritizes building trust through superior yield, defect density, and cycle times. Chen sees strong CPU demand resurgence driven by agent AI and inference workloads. He details the Terafab collaboration with Elon Musk to address semiconductor infrastructure gaps and stresses the strategic importance of U.S.-based advanced manufacturing. Acknowledging Intel is still in the "crawl" phase of his crawl-walk-run framework, Chen believes the company's full potential—extending from its PC base into edge computing and physical AI—will become apparent by 2030-2032.

marsbit3 h fa

Intel CEO Liwu Chen's First Podcast Interview: Our Goal is '10x in 5-10 Years', Betting on Advanced Packaging, Glass Substrate, and Synthetic Diamond

marsbit3 h fa

He Just Raised 2.7 Billion, and Li Fei-Fei Also Invested

Pete Florence, a former senior research scientist at Google DeepMind and a key contributor to the Vision-Language-Action (VLA) model architecture, is deliberately distancing his startup, Generalist AI, from the trendy "world model" label. He argues that the industry should prioritize concrete goals over buzzwords. His goal is to create robots that can perform a vast range of unseen tasks with high speed and success rates, without needing task-specific training data. Recently, his company raised $400 million (¥2.7 billion) at a $2 billion valuation. Notable investors include NVIDIA's NVentures, Bezos Expeditions, NFDG, as well as Xiaomi co-founder Lin Bin, Zoom founder Eric Yuan, and renowned AI scientist Fei-Fei Li. Florence's approach stems from his academic background at MIT under Professor Russ Tedrake, focusing on understanding the physical world. After joining DeepMind, he developed models like Transporter Network and co-created the VLA framework. He left in 2025 to found Generalist AI. The company has launched two models: GEN-0, which demonstrated that scaling laws apply to physical motion, and GEN-1. GEN-1 was trained on over 500,000 hours of physical interaction data collected via a specialized wearable device. It achieves a 99% success rate on precise mechanical tasks like folding boxes and maintains performance three times faster than its predecessor. Florence believes GEN-1 is reaching a commercial utility threshold similar to the GPT-3 inflection point. The substantial funding round, following GEN-1's release, signifies strong investor confidence in Generalist AI's practical, goal-driven path to creating versatile, useful robots, regardless of the "world model" terminology.

marsbit3 h fa

He Just Raised 2.7 Billion, and Li Fei-Fei Also Invested

marsbit3 h fa

Trading

Spot
Futures
活动图片