CFTC Chair Reveals The Government’s New Plan For Crypto & AI | Mike Selig
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What is the main topic discussed in this episode?
But I do think that that has been a big disservice to the American people that the regulators, especially in the last administration, who never got to use this stuff, were trying to kill it here in the United States.
What is the collaboration between the SEC and CFTC regarding crypto?
So creating a framework where at least regulators can experiment with it, maybe use stable coins, things like that. You know, I think that's something that we should change in the country.
What's going on, guys?
How are AI and prediction markets shaping the future of finance?
Today, we've got a very special conversation. We have the 16th chairman of the CFTC, Mike Selig, is here to join us. And in this conversation, we are going to talk about the three most important technologies that are facing financial markets.
What are the risks associated with insider information and market manipulation?
We're going to talk about artificial intelligence, prediction markets, and crypto, and how we are thinking about allowing people to take risk in the market, but also how we can go and make sure that people don't break the rules. One of the interesting things about regulators is that they have to encourage innovation, they have to encourage the risk-taking, but they They also have to make sure that our markets are safe and sound. And Mike's got a very unique view because he used to use these technologies in the private sector before he joined as a regulator. And so he's got a very interesting insight into how they're thinking about this.
How is decentralization affecting the regulation of on-chain markets?
And I think you're going to be very surprised by the approach they're taking. Here's my conversation with Mike Sealy. I thought a great place to start the conversation is obviously crypto has been in the crosshairs of the SEC, the CFTC. There's been a ton of pressure on the industry over the last couple of years.
What is the rise of AI trading agents and their impact on markets?
It seems like there's been a 180 now. CFTC and SEC not only are working together, but also seem to be trying to encourage innovation in this space. Can you talk a little bit about just the philosophy of these two organizations coming together? And then what do you guys hope to accomplish by providing this tailwind to the industry?
Well, for so many years, the agencies have not been able to cooperate, coordinate, work together.
How do AI, memes, and misinformation influence financial markets?
And so we've wound up with this patchwork of rules and regulations that are often inconsistent. And we saw with the last administration, Gary Gensler's SEC led a war on crypto.
Should regulators be allowed to utilize cryptocurrencies?
They brought enforcement actions against all sorts of builders and innovative technology companies. then the cfdc really did nothing about it just kind of stood on the sidelines and now chairman atkins and i are working together but we're collaborating we're coordinating we've launched project crypto as a joint initiative between the agencies and that's intended to harmonize definitions for crypto it's intended to harmonize our guidance our interpretations and our regulatory philosophies and and that's really important so you come into the sec as a builder and you might face one sets of rules and regulations, and then a different at the CFTC in the past. But today, we're working together to make sure it's consistent, whichever framework you wind up in.
It's also important to note that we have a memorandum of understanding now between the agencies. So we're coordinating our staff's efforts. And so you go and deal with one set of staff at an agency, and they're also talking to the other agency to make sure things are consistent. They were surveilling the markets that are becoming more and more interconnected with new technologies and products and all of that. So it's really important, I think, as a country to make sure that our agencies are working together, have the same guiding philosophies and are really ensuring that our markets are the best in the world.
Now, what's interesting is you worked inside the SEC as part of a task force early in the Trump administration. You're now the CFTC chairman. And when I saw the memorandum of understanding, the first thing I thought was like, should these just be the same organization? Like, should you just put them together and have like a regulatory body? Or do you still think that there's a lot of value to having kind of two different groups that have different sets of rules in different parts of the market to regulate?
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:10
2
What is the collaboration between the SEC and CFTC regarding crypto?
0:10–0:21
3
How are AI and prediction markets shaping the future of finance?
0:21–0:31
4
What are the risks associated with insider information and market manipulation?
0:31–0:55
5
How is decentralization affecting the regulation of on-chain markets?
0:55–1:08
6
What is the rise of AI trading agents and their impact on markets?
1:08–1:29
7
How do AI, memes, and misinformation influence financial markets?
1:29–1:39
8
Should regulators be allowed to utilize cryptocurrencies?
1:39–32:34
Speakers
2 identifiedMore from The Pomp Podcast
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