The Enforcement Division of the Commodity Futures Trading Commission (CFTC) announced Thursday it established two new task forces to combat cyberattacks and misuse of technology and environmental fraud.
The Cybersecurity and Emerging Technologies Task Force will tackle cybersecurity issues and concerns related to emerging technologies, including artificial intelligence (AI), according to an agency press release. The Environmental Fraud Task Force will combat environmental fraud and misconduct in derivatives and relevant spot markets.
The task forces comprise attorneys and investigators from various offices within the CFTC’s Enforcement Division.
The cyber task force’s responsibilities include ensuring registrants have sufficient cybersecurity controls, prosecuting hacks and intrusions aimed at manipulating commodities markets, and investigating technology-enabled thefts of material nonpublic information, the CFTC said. It will also explore the role of AI in violations of the Commodity Exchange Act and CFTC regulations.
The environmental task force will investigate fraud regarding the environmental benefits of purchased carbon credits, which could receive heightened scrutiny with the help of whistleblowers, and registrants’ misrepresentations concerning environmental, social, and governance products or strategies, per the agency.
“The creation of these two task forces demonstrates the vigorous and forward-looking approach the CFTC will take to address misconduct in these critical areas,” CFTC Chairman Rostin Behnam said in the release.