CFTC forms technical committee to educate government on emerging technologies

03/16/2023 11:08 • Digital Disruptors • 142 views

According to reports, the United States Commodity Futures Trading Commission (CFTC) announced this week the establishment of a new technical committee to educate the government on emerging technologies such as encryption and artificial intelligence. Corey Then, Vice President of Global Policy at Circle, along with ten other cryptocurrency centric members, will also be a member of the Technical Advisory Committee (TAC).

Vice President of Global Policy at Circle and dozens of other encryption members join the technical committee established by CFTC

Analysis based on this information:

The United States Commodity Futures Trading Commission (CFTC) has announced the establishment of a new technical committee to educate the government on emerging technologies. The Technical Advisory Committee (TAC) will focus on technologies such as encryption and artificial intelligence (AI) and will include 11 members, including Corey Then, Vice President of Global Policy at Circle, a digital currency company.

The formation of this technical committee is an important step forward in helping the US government better understand new and innovative technologies such as cryptocurrency and AI, which are becoming increasingly important in the global economy. This move is also significant because it shows that the CFTC is willing to work collaboratively with the private sector to ensure that regulators have a better understanding of these new technologies.

The inclusion of a cryptocurrency representative on the TAC is particularly noteworthy given the regulatory challenges that the industry has faced in recent years. The cryptocurrency market has been plagued with regulatory uncertainty, which has made it difficult for companies to operate in the space. The inclusion of Corey Then, who has been an advocate for the industry, will help to ensure that the concerns of cryptocurrency companies are heard as the TAC begins its work.

The focus on AI is also an important development given the increasing role that AI is playing the financial industry. AI-driven technologies are being used to analyze large volumes of data and make predictions about market trends in ways that were not possible before. However, these new innovations also come with significant risks, such as the potential for algorithmic bias or cyber attacks. By working with the private sector and focusing on education, the TAC can help to mitigate these risks and ensure that regulators are better equipped to understand the potential benefits and risks of AI.

Overall, the formation of the TAC is an important step forward in helping the US government keep pace with rapidly emerging technologies. By working collaboratively with the private sector, regulators can ensure that they have a better understanding of these new developments and can create policies that facilitate innovation while also protecting consumers and investors.

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