The CFTC Wants To Have A Debate About DeFi And AI Development

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The Commodities Futures Trading Commission (CFTC) of the United States has revealed that it will closely examine the decentralized finance (DeFi) sector during its upcoming meeting of the Technology Advisory Committee. 

Industry experts from the cryptocurrency sector have been invited to present their views at the event. The meeting, scheduled for March 22, will include a discussion on issues related to DeFi

Other topics on the agenda include:

  • Responsible Artificial Intelligence (AI) development.
  • Possible threats arising from AI.
  • Cybersecurity threats to financial markets.

CFTC commissioner Christy Goldsmith Romero emphasized that the panel has the opportunity to delve into the issues of DeFi comprehensively, beyond mere labels. The discussion will cover cyber vulnerabilities, decentralization indicators, digital identity, and unhosted wallets. 

Such discussions will contribute to policy conversations in Washington, D.C., and beyond. The presentations during the panel will provide an overview of the DeFi ecosystem and address various issues, including decentralization, digital identity, noncustodial crypto wallets, and exploits.

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The event will feature executives from crypto companies such as Fireblocks, Trail Of Bits, Terranet Ventures, TRM Labs, and Metrika, who will share their perspectives. The meeting agenda will also include a session that considers a subcommittee on crypto and blockchain technology to strengthen regulatory jurisdiction over crypto.

During its inaugural meeting, the CFTC’s Global Markets Advisory Committee discussed digital asset markets, and Commissioner Caroline Pham highlighted the borderless nature of crypto markets. 

She urged policymakers to understand what is happening in the crypto space so that the policy approach taken by the U.S. does not leave Americans behind.

The CFTC has been striving to gain regulatory control over the rapidly growing crypto sector, and its commissioners have urged Congress to give the institution more power. In addition, CFTC chairman Rostin Behnam has also emphasized that the commission is well-positioned to address regulatory shortfalls in the crypto sector.

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