In a significant development, Caroline Pham has been appointed as the acting chair of the US Commodity Futures Trading Commission (CFTC), marking a shift in policy towards a friendlier relationship with digital assets.
U.S. CFTC Commissioner Caroline Pham Takes on Acting Chair Role
Trump Administration’s Shift in Crypto Policy
Caroline Pham, a Republican commissioner at the Commodity Futures Trading Commission (CFTC), has been selected as the acting chair of the agency. This move comes as part of the Trump administration’s shift in policy towards a friendlier relationship with digital assets.
Pham brings a deep understanding of crypto and digital assets to her new role. She has spent considerable time directing the Global Markets Advisory Committee, which has examined potential approaches to overseeing digital assets. In 2023, she proposed a pilot program for crypto oversight, demonstrating her commitment to finding effective solutions for regulating the industry.
As acting chair, Pham will lead the CFTC until President Trump can nominate and the Senate confirm a permanent selection. The decision to elevate Pham was made by the five-member commission, which generally defers on such picks to the choice of the incoming majority party leadership.
Pham’s appointment is significant, given the potential for the CFTC to become a leading federal watchdog for crypto. Most legislative efforts to establish a digital assets roadmap envision the CFTC taking over regulation of crypto spot markets for widely traded tokens like bitcoin and Ethereum‘s ether.
Background and Experience
Pham has a strong background in finance, having worked as a senior executive at Citigroup. During her time there, she was responsible for managing Citi’s crypto portfolio in the early days of the industry. Her experience will be invaluable as she navigates the complexities of regulating digital assets.
Outgoing CFTC Chair Rostin Behnam previously announced his intention to step down from the chairmanship on inauguration day, joining Securities and Exchange Commission Chair Gary Gensler in resigning at noon E.T. when Trump was sworn in. Behnam is set to leave his commission seat in February.
The remaining four commissioners at the CFTC include Pham, fellow Republican Summer Mersinger, and Democrats Christy Goldsmith Romero and Kristin Johnson.
