CoinDesk: CFTC's AI will review U.S. crypto registration applications, chairman tells CoinDesk
The regulator is working on new technology to stretch abilities of reduced staff, says Chairman Mike Selig, including AI monitoring of trading data.
Publisher's take:
Mike Selig, chairman of the Commodity Futures Trading Commission, which oversees trading in bitcoin and crypto futures, spoke with CoinDesk in an interview.
The CFTC registration process currently relies on the manual submission of documents, CoinDesk's Jesse Hamilton reported.
"We're building out systems to automate that, to make it much more efficient," Selig told the outlet. "AI tools can be used to review the applications, flag certain things for the staff, make their jobs easier, make it much faster for them to provide feedback and also reject certain things that aren't materially complete."
The initiative comes as the CFTC is grappling with a recent reduction in staff, even as Selig pushes for his agency to regulate the fast-growing and controversial area of prediction markets.