YEREVAN (CoinChapter.com) — President Donald Trump has appointed Caroline Pham, a current commissioner at the Commodity Futures Trading Commission (CFTC), as the agency’s acting chair, according to a Jan. 20 Bloomberg report. The decision followed a vote by the commission’s five members earlier this week, according to anonymous sources. This internal confirmation aligns with the commission’s practice of backing the incoming administration’s acting chair nominee.
Caroline Pham’s Crypto Stance Gains Attention
Pham, appointed to the CFTC by Joe Biden in 2021, has made her mark advocating for regulatory clarity in the U.S. crypto industry. She has promoted frameworks like regulatory sandboxes. Sandboxes allow companies to test digital asset projects under regulatory oversight while avoiding full compliance obligations.
At a Cato Institute event in September 2023, Pham proposed a government-led pilot program aimed at building compliant digital asset markets. She suggested this program could foster collaboration between regulators and industry stakeholders. The program’s focus would include risk management, fraud prevention, and transparency guidelines. According to Pham, this approach could boost competition and liquidity while addressing potential risks in the market.
Pham has also voiced concerns about the U.S. lagging behind other countries in advancing strategic crypto policies, emphasizing the importance of a coordinated regulatory framework.
Search for Permanent CFTC Chair
Although Caroline Pham is stepping into the role of acting chair, the search for a permanent leader continues. Two other candidates are under consideration: Summer Mersinger, the senior Republican commissioner at the CFTC, and Brian Quintenz, a former commissioner now leading policy for Andreessen Horowitz’s a16z Crypto division.
Both candidates are viewed as pro-crypto advocates. Their experience in navigating blockchain policies has placed them as leading contenders. Whichever candidate is selected will face the challenge of managing both traditional financial markets and the expanding influence of digital assets.
Potential Expansion of CFTC Authority Over Crypto
The appointment of an acting chair comes at a critical moment for the agency. The Financial Innovation and Technology for the 21st Century Act is currently under congressional review. The Act could significantly expand the CFTC’s jurisdiction. If passed, the act would give the CFTC greater oversight of digital commodities markets, including cryptocurrency exchanges.
