A reshuffling of discourse power in US innovative finance: Who has gained access to the CFTC's table?

Original title: Who's at the CFTC table? A redistribution of discourse power in American innovative finance.

Written by: KarenZ, Foresight News

On February 12, 2026, the U.S. Commodity Futures Trading Commission (CFTC) officially released Announcement No. 9182-26, announcing the list of members of the Innovation Advisory Committee (IAC).

If you think this is just a routine list of "external brains" for regulatory agencies, you're sorely mistaken.

This list, which brings together traditional financial giants, leading platforms in the crypto industry, DeFi infrastructure providers, top venture capital firms, and academic representatives, is not simply the formation of an industry advisory group, but a key step in the implementation of the CFTC's collaborative framework for the regulation of innovative financial markets, built on the Federal Advisory Committee Act.

The Innovation Advisory Committee (IAC), spearheaded by CFTC Chairman Michael S. Selig, was formerly known as the Technology Advisory Committee (TAC). From its inception to its final lineup, it clearly conveys a signal: U.S. regulators are proactively embracing crypto and fintech innovation, shifting from "passive regulation" to "collaborative governance."

A full lineup: from exchanges and DeFi to traditional finance, a complete sweep.

Unlike previous instances where regulators invited one or two crypto representatives to "decorate the image," this time the CFTC's IAC committee boasts an "all-star lineup," comprising 35 members from traditional financial giants, crypto trading platforms, DeFi protocols, blockchain infrastructure, investment institutions, and academic representatives.

1. CEX

• Coinbase CEO Brian Armstrong
• Kraken Co-CEO Arjun Sethi
• Gemini CEO Tyler Winklevoss
• Crypto.com CEO Kris Marszalek
• Robinhood CEO Vlad Tenev
• Blockchain.com CEO Peter Smith
• Bullish CEO Tom Farley
• Bitnomial CEO Luke Hoersten

2. Market forecasting

• Polymarket CEO Shayne Coplan
• Kalshi CEO Tarek Mansour
• FanDuel President Christian Genetski
• DraftKings CEO Jason Robins

3. DeFi and Public Blockchain Underlying Layers

• Hayden Adams, CEO of Uniswap Labs
• Ripple CEO Brad Garlinghouse
• Solana Labs CEO Anatoly Yakovenko
• Chainlink Labs CEO Sergey Nazarov
• Vivek Raman, CEO of Etherealize, an Ethereum promotion and product startup.

4. Top-tier crypto venture capital firms

• Chris Dixon, Managing Partner of a16z crypto
• Paradigm Managing Partner Alana Palmedo
• Vance Spencer, co-founder of Framework Ventures

5. Digital asset custody and asset management

• Anchorage Digital CEO Nathan McCauley
• Grayscale CEO Peter Mintzberg

6. Traditional financial institutions, clearing and trading institutions

• Andrej Bolkovic, CEO of Option Clearing Corporation
• Thomas Chippas, CEO of Rothera Markets, a derivatives exchange and clearinghouse
• Cboe Global Markets CEO Craig Donohue
• CME Group CEO Terry Duffy
• Nasdaq CEO Adena Friedman
• Frank LaSalla, President and CEO of Depository Trust and Clearing Company
• Scott D. O'Malia, CEO of the International Swaps and Derivatives Association (ISDA)
• David Schwimmer, CEO of London Stock Exchange Group (LSEG)
• Jeff Sprecher, CEO of Intercontinental Exchange (ICE)
• DRW CEO Don Wilson

7. Academic and Compliance Representative

Professor Harry Crane, Professor Carla Reyes

8. Other

• FIA CEO Walt Lukken

The CFTC explicitly states that the IAC's core responsibility is to provide expert advice on cutting-edge innovations in the derivatives and commodities markets, with a focus on how technologies such as AI and blockchain are reshaping the market, helping regulators develop "adaptive rules," and maintaining the effectiveness of financial regulation.

Regulatory Logic: Top-Level Coordination

The IAC is not a temporary agency, but rather a long-term design by the CFTC for the golden age of the U.S. financial markets, providing professional advice on technological innovation in the financial markets.

According to CFTC Announcement No. 9167-26 issued on January 12th of this year, Michael S. Selig had already clearly defined the IAC's position a month earlier:

• Background: Replacing the original Technology Advisory Committee: This name change is not just a word game. Under the leadership of Michael S. Selig, the CFTC has clearly realized that simply discussing blockchain and AI technologies is outdated; what needs to be discussed now are entirely new financial business models driven by technology.
• Core work: The IAC focuses on the intersection of finance and technology (such as blockchain, digital assets, and AI), balancing perspectives from the financial industry, regulators, fintech providers, and academic institutions to help the CFTC understand the impact of technological innovation and guide the application of new technologies in financial markets. It only provides consultation and advice, without actual decision-making power.
• Operational details: The CFTC provides support, with annual operating costs of approximately $170,000. Members do not receive compensation for their work. In addition, the CFTC will appoint dedicated federally designated officials to oversee all matters, including meetings, compliance, and training. The committee will meet at least once a year, and its subcommittees can convene as needed.

This means that the previous situation of "remote dialogue" between the industry and regulators has been broken. DeFi representatives, CEXs, traditional exchanges, clearinghouses, and venture capitalists are now "sitting at the same table," allowing the CFTC to directly obtain first-hand market information and advice, thus preventing rule-making from being out of touch with reality.

What does this mean for Web3?

The finalization of the IAC list will have at least the following clear impacts on the crypto industry:

I. The "Legitimation" of Prediction Markets

Among the IAC list, the most eye-catching additions are Polymarket CEO Shayne Coplan and Kalshi CEO Tarek Mansour.

After a lengthy tug-of-war among regulators over whether "election predictions" constitute gambling, the CFTC's move is tantamount to acknowledging the financial status of prediction markets as "event contracts." More interestingly, the list also includes the presidents of DraftKings and FanDuel—meaning the boundaries between sports betting, financial derivatives, and on-chain prediction markets are blurring.

This shift is particularly evident in the regulation of prediction markets. In February 2026, the CFTC announced the withdrawal of its proposed Event Contracts rules, originally released in 2024. At the time, CFTC Chairman Michael S. Selig stated bluntly: "The 2024 Event Contracts proposals reflected the previous administration's hasty regulation of a blanket ban on political contracts ahead of the 2024 presidential election." The CFTC will proceed with the development of new rules based on a rational interpretation of the Commodity Exchange Act, in line with Congressional intent and promoting responsible innovation in the derivatives market.

II. DeFi and public blockchains gain official "official status"

The inclusion of DeFi and public blockchain projects or related startups such as Uniswap, Solana, Chainlink, and Etherealize CEO Vivek Raman, a startup promoting Ethereum and its products, not only recognizes the status of DeFi infrastructure but also signifies that the CFTC is acknowledging at the technological level that code is the market structure. The debate over whether DeFi front-ends need licenses may shift towards the more pragmatic question of how the protocol layer can achieve compliance.

III. The "compliance dividend" of leading platforms is further solidified.

The inclusion of Coinbase, Kraken, Gemini, and other institutions with long-standing expertise in US compliance into the core advisory layer signifies that the CFTC's future rule-making will be more aligned with the actual operational logic of these platforms, further amplifying the competitive advantage of compliant players.

These platforms, through their deep integration with regulators, will gain significant advantages in areas such as license acquisition and business innovation. This will further intensify the Matthew effect in the industry, forcing small and medium-sized platforms to accelerate their compliance efforts and driving the overall compliance upgrade of the crypto industry.

summary

The CFTC's core regulatory area is the derivatives and commodities market, and innovations such as crypto derivatives, digital asset futures, blockchain clearing and settlement, and prediction markets are becoming the core development direction in this field.

The establishment of the IAC represents a shift in regulatory paradigms driven by the CFTC, moving towards "forward-looking rule design in the early stages of innovation" and "adaptive regulation based on market realities."

At its core, this upgrade is essentially a re-evaluation of the symbiotic relationship between regulation and innovation: financial technology innovation is not the opposite of regulation, but rather the core driving force for the modernization of the financial market. The core role of regulation is not to hinder innovation, but to define the boundaries of innovation, prevent risks, and allow innovation to realize its value within a compliant framework.