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

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

This list, which assembles traditional financial giants, leading crypto platforms, DeFi infrastructure providers, top venture capital firms, and academic representatives, is not merely the formation of an industry advisory group. It is a crucial step in the implementation of a collaborative framework for the regulation of innovative financial markets, built by the CFTC based on the Federal Advisory Committee Act.

This Innovation Advisory Committee (IAC), spearheaded by CFTC Chairman Michael S. Selig and evolved from the former Technology Advisory Committee (TAC), sends a clear signal through its founding purpose and final composition: U.S. regulators are actively embracing crypto and fintech innovation, shifting from "reactive regulation" to "collaborative governance."

Fully Loaded Roster: A Full House from Exchanges and DeFi to Traditional Finance

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

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 & 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/Trading Institutions

· The Options Clearing Corporation (OCC) CEO Andrej Bolkovic

· Rothera Markets (derivatives trading and clearing platform) CEO Thomas Chippas

· Cboe Global Markets CEO Craig Donohue

· CME Group CEO Terry Duffy

· Nasdaq CEO Adena Friedman

· Depository Trust & Clearing Corporation (DTCC) 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 & 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 markets, providing expert advice on technological innovation in finance.

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

· Establishment Background: Replacing the former Technology Advisory Committee: This name change is not mere semantics. Under Michael S. Selig's leadership, the CFTC clearly recognizes that merely discussing blockchain or AI technology is outdated; the discussion now needs to focus on the entirely new financial business models catalyzed by these technologies.

· Core Work: The IAC will focus 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 is advisory only, providing recommendations without actual decision-making power.

· Operational Details: The CFTC provides support with an annual operating cost of approximately $170,000; members serve without remuneration. Additionally, the CFTC will appoint a designated federal officer to manage all matters including meetings, compliance, and training. The committee will meet at least once a year, with subcommittees able to meet as needed.

This means the previous situation of "long-distance dialogue" between the industry and regulators is being dismantled. DeFi representatives, CEXs, traditional exchanges, clearinghouses, and VCs are now simultaneously "sitting at the same table." The CFTC can directly obtain the most frontline market insights and advice, avoiding rulemaking that is 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 a prolonged tug-of-war with regulators over whether "election prediction" constitutes gambling, the CFTC's move is tantamount to recognizing prediction markets' financial status as "event contracts." More interestingly, the list also includes the presidents of DraftKings and FanDuel—this implies 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 to comprehensively ban political contracts before the 2024 presidential election." The CFTC will advance the development of new rules that align with Congressional intent and promote responsible innovation in derivatives markets, based on a rational interpretation of the Commodity Exchange Act.

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

The selection of DeFi and public chain projects or related startups like Uniswap, Solana, Chainlink, and Etherealize CEO Vivek Raman 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 to be licensed" may shift towards the more practical question of "how to make the protocol layer compliant."

3. Further Entrenchment 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 closely aligned with the operational logic of these platforms. The track advantage for compliant players will continue to grow.

These platforms, leveraging their deep engagement with regulators, will gain significant advantages in licensing and business innovation, further intensifying the industry's Matthew Effect. This will also pressure smaller platforms to accelerate their compliance efforts, driving a compliance upgrade across the entire crypto industry.

Summary

The CFTC's core regulatory domain is the derivatives and commodities markets, where innovations like crypto derivatives, digital asset futures, blockchain clearing and settlement, and prediction markets are becoming central development directions.

The establishment of the IAC represents a regulatory paradigm upgrade pushed by the CFTC, moving 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 antithesis of regulation but a core driver of financial market modernization. The core role of regulation is not to hinder innovation but to delineate boundaries for it, prevent risks, and allow innovation to realize its value within a compliant framework.