The task force will work on developing regulatory frameworks for cryptocurrencies, AI, and prediction markets. It will be led by Michael Passalacqua, senior advisor to the CFTC Chairman. Previously, he worked with the law firm Simpson Thacher & Bartlett on cryptocurrency and blockchain issues.
The new structure will interact with the CFTC's innovation advisory committee, which includes 20 leaders from crypto companies such as CEO Brian Armstrong (Coinbase) and Tyler Winklevoss (Gemini).
In January 2025, the SEC established its own cryptocurrency group. The current head of the CFTC, Michael Selig, served as chief legal counsel for that group.