CFTC Forms a Technical Committee to Discuss the Applications of AI and Encryption

03/16/2023 11:08 • Blockchain Buzz • 121 views

According to reports, the United States Commodity Futures Trading Commission (CFTC) announced this week the establishment of a new technical committee to educate the government on emerging technologies such as encryption and artificial intelligence. Corey Then, Vice President of Global Policy at Circle, along with ten other cryptocurrency centric members, will also be a member of the Technical Advisory Committee (TAC).

Vice President of Global Policy at Circle and dozens of other encryption members join the technical committee established by CFTC

Analysis based on this information:

The United States Commodity Futures Trading Commission (CFTC) has formed a new technical committee to focus on the scope and impact of emerging technologies such as AI and encryption. The newly formed Technical Advisory Committee (TAC) will serve as an educational platform to aid the government in better understanding these technological advancements and to guide its regulations on future applications.

This development comes as no surprise as both artificial intelligence and encryption technologies are rapidly expanding throughout the financial sector, and new developments keep emerging. A notable example is the rise of cryptocurrencies, which require a level of encryption to maintain participants’ privacy and security.

Corey Then, Vice President of Global Policy at Circle, a cryptocurrency-focused company, has been chosen to join the committee as one of ten cryptocurrency-centric members. The committee will comprise experts from a diverse range of sectors, including venture capital, fintech, and financial services. Members will share their expertise and theories on AI and encryption and offer suggestions on how these technologies can help transform financial systems for the better.

The CFTC’s TAC aims to evaluate and advise on various emerging technologies’ applications, including blockchain, smart contracts, and market surveillance tools. Specifically, the committee will explore the applications of encryption in financial cybersecurity and privacy, as well as AI in predictive analytics and trading automation. AI can also help firms combat fraud, assess risk, and assist in more efficient pricing strategies.

The idea of creating a technical committee to guide and educate the government on emerging technologies is a step further towards a more regulated and updated financial system. The TAC will help the CFTC better understand the potential for progress with these technologies, as well as any regulatory issues that need to be addressed.

In conclusion, the CFTC’s Technical Advisory Committee (TAC) is a promising development for the emerging technology space. It is clear that traditional financial systems need to understand these new technologies to fully realize their potential applications, and the TAC provides an opportunity for the government to do so. Encrypted applications and artificial intelligence have already made significant contributions to finance, and it is expected that the committee’s insights will continue to push the envelope on innovation in the financial sector.

In summary, the TAC aims to educate regulators with more skills and expertise required to keep up with the latest technology trends, and that is a step in the right direction for the financial sector.

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