At a House Agriculture Committee hearing, Selig said AI is one of the technologies the agency is using to “operate more like a business” and “operate more efficiently than ever before.”
His comments followed concerns that government agencies do not have enough staff to deal with issues such as cryptocurrencies and prediction markets.
Rep. Angie Craig (D-Minn.), ranking member of the committee, said in her opening statement that the CFTC’s responsibilities and markets are expanding and becoming more complex, and that the CFTC will not be able to keep up without the necessary staffing, funding, and tools.
“Government agencies are understaffed and unable to meet the demands placed on them,” Craig said. “And without sufficient staff, the CFTC will not be able to provide the rigorous oversight that consumers and market participants require.”
In his testimony, Selig said the CFTC has implemented AI throughout its buildings, trained all staff on Microsoft 365 Copilot, and is incorporating AI and automation throughout the registration process. The agency has also introduced key performance indicators to ensure new applications are processed within the required timeframe.
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“This is going to make their job a lot easier,” Selig said of AI. “This will significantly increase productivity in daily tasks, including creating new types of workflows to work more efficiently.”
In a final statement submitted at the end of the hearing, Mr. Craig said: “I look forward to continuing this conversation in the coming days and months, and I encourage my colleagues on both sides of the aisle to work together to provide the CFTC with the funding and resources it needs to accomplish the job we have set out.”
The CFTC announced Friday (April 10) that it has named members to its newly formed Innovation Task Force (ITF), which is dedicated to promoting “clear rules of the road” for those wishing to build new products and technologies within the U.S. derivatives market.
