CFTC Commissioner Caroline Pham established the "CEO Innovation Committee" to seek to expand regulation of prediction markets.

Caroline Pham, a member of the Commodity Futures Trading Commission (CFTC), announced the establishment of a new “CEO Innovation Council” and is seeking candidates and potential key topics from the public. According to a press release issued on November 25, the council will focus on the regulation of innovative financial technology and prediction markets, providing advisory support for the CFTC's future regulatory expansion.

This move comes as the CFTC is about to welcome its new chairman, Mike Selig. Last week, the U.S. Senate Agriculture Committee voted to approve Selig's nomination, and he is currently awaiting a full Senate vote. Selig previously served as the chief legal advisor for the cryptocurrency working group at the SEC and is seen as a relatively friendly candidate for cryptocurrency and fintech regulation.

Selig previously stated on X that he is “honored” to lead the CFTC and mentioned that under President Trump's leadership, the U.S. financial markets are moving towards a “golden era.” He emphasized the promotion of free competition, market efficiency, and crypto innovation, “committed to making the U.S. the global cryptocurrency capital.”

With the new chairman set to take office, Carolyn Van announced that she will leave the CFTC after her swearing-in. Although she has not disclosed her future plans, the market generally expects her to return to the private sector.

As personnel changes and regulatory directions are adjusted in sync, the CFTC is accelerating the promotion of an innovative regulatory agenda, especially in the formulation of rules in the prediction market and cryptocurrency finance sectors, sending out more positive signals for regulatory updates. (Cryptonews)