AI Regulation in the U.S.: Lessons from Commodity Futures Legislative Journey and a Perspective CFTC-NFA Model for AI

The contributions of this article are threefold: first, it presented commodity futures, an equally disruptive and controversial invention as AI, that has culminated chaotic but successful legislative journey. Futures’ legislative path can serve as a guide for regulating AI. Second, it extracted key success factors and lessons learned from futures regulation, including principle-based laws, a designated coordinating agency, and a supporting self-regulatory organization (SRO) that represents the industry. Third, it recommended a potential CFTC-NFA-type legislative framework for AI regulation.