CFTC's AI will review U.S. crypto registration applications, chairman tells CoinDesk
The CFTC is using AI to automate crypto registration reviews and enhance market surveillance due to staff reductions.Summary
The U.S. Commodity Futures Trading Commission (CFTC) is leveraging artificial intelligence (AI) to compensate for significant workforce reductions, according to Chairman Mike Selig. The agency is developing systems to automate the manual process of reviewing cryptocurrency registration applications, aiming to increase efficiency and speed up feedback. AI tools will flag incomplete or incorrect submissions, allowing staff to focus on more complex tasks. Additionally, the CFTC is implementing AI for market surveillance, analyzing trading data to detect fraud and manipulation. This technological adoption is part of an effort to become a leading U.S. regulator for the crypto sector, even in the absence of new congressional legislation. Selig also highlighted the CFTC's joint guidance with the SEC on digital asset taxonomy and its assertive stance on regulating prediction markets, emphasizing enforcement against bad actors.
(Source：CoinDesk)