TLDR
- CFTC appointed 35 members to its Innovation Advisory Committee.
- Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse joined the panel.
- The committee replaces the Technology Advisory Committee launched in January.
- Michael Passalacqua was named the committee’s designated federal officer.
The U.S. derivatives regulator is reshaping how it sees financial innovation. It has now placed major crypto leaders in a formal advisory role. The Commodity Futures Trading Commission announced the members of its Innovation Advisory Committee on Thursday. The 35-member group includes executives from Coinbase and Ripple, along with leaders from exchanges and clearing firms.
Chairman Michael S. Selig said the committee will help the agency “reflect market realities.” He also said it will support “clear rules of the road” for evolving markets. Selig sponsored the committee, and he nominated Michael Passalacqua as the designated federal officer.
Coinbase and Ripple executives join a broader mix of market leaders
Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse were named to the committee. They join other crypto executives, including Uniswap Labs CEO Hayden Adams. The list also includes Solana Labs CEO Anatoly Yakovenko and Chainlink Labs CEO Sergey Nazarov. Other digital-asset leaders include Kraken Co-CEO Arjun Sethi and Gemini CEO Tyler Winklevoss.
It also includes Crypto.com CEO Kris Marszalek and Grayscale CEO Peter Mintzberg. Anchorage Digital CEO Nathan McCauley and Blockchain.com CEO Peter Smith were also appointed. The membership also includes executives from major market infrastructure firms. Nasdaq Chair and CEO Adena Friedman joined the committee.
CME Group Chair and CEO Terry Duffy and Intercontinental Exchange CEO Jeff Sprecher were also named. Cboe Global Markets CEO Craig Donohue is on the list, and so is LSEG CEO David Schwimmer. DTCC President and CEO Frank LaSalla also joined. Options Clearing Corporation CEO Andrej Bolkovic was appointed as well.
Prediction markets and crypto firms take a large share of seats
The committee includes several leaders linked to prediction markets. Polymarket CEO Shayne Coplan was appointed to the panel. Kalshi CEO Tarek Mansour was also named, and FanDuel President Christian Genetski joined. DraftKings CEO Jason Robins was appointed as well.
The group also includes representatives tied to venture and trading firms. Chris Dixon of a16z crypto and Alana Palmedo of Paradigm were named members. The CFTC said the committee will advise on emerging products and platforms.
It will also cover business models in financial markets. The announcement described a focus on commercial and practical considerations. Selig said the committee will help the agency keep pace with change. He referenced artificial intelligence and blockchain as market forces. The committee is positioned as a resource for the CFTC’s policy work.
The committee replaces a prior panel and flags coordination with the SEC
The Innovation Advisory Committee replaces the Technology Advisory Committee. The prior panel focused on how new technologies affect derivatives markets. The CFTC said the new committee launched in January. Selig has signaled a more receptive posture toward crypto. The report also noted CFTC work with the Securities and Exchange Commission. It described coordination on how to regulate the sector.
The report referenced “Project Crypto” as part of this effort. It also cited a memorandum of understanding between the SEC and CFTC. The agencies discussed how to handle jurisdiction questions. The CFTC said it will also consider views beyond the committee. Those views include regulators, academia, and public interest groups.
Two academic representatives named were Professor Harry Crane and Professor Carla Reyes. The full membership spans exchanges, clearinghouses, trading firms, and technology companies. The agency said this mix can support modern rulemaking. Selig said the goal is to keep U.S. markets transparent and well regulated.
