Michaela
The U.S. Commodity Futures Trading Commission (CFTC) has named Caroline Pham, a current commissioner, as its acting chair following a vote by the agency’s commissioners.
Pham will take over the agency on an interim basis, replacing the current CFTC chair Rostin Behnam, until President Donald Trump nominates a permanent head for the regulator, subject to Senate confirmation.
The Republican commissioner, a former Citibank executive, brings extensive experience in the crypto space. Having advocated for digital asset regulΠ°tion, Caroline Pham has beΠ΅n serving as a CFTC commissioner since April 2022.
βIβm humbled to lead the CFTC as Acting Chairman,β Pham said in a statement. “I want to thank President Trump for his confidence in me, and Iβm grateful to my colleagues and the CFTC staff for their support. Iβm looking forward to engaging with all stakeholders in this new capacity as we focus on the CFTCβs mission to promote well-functioning markets that support economic growth and the competitiveness of the United States.β
Early legislative proposals aimed at creating a clear framework for digital assets largely suggest that the CFTΡ will oversee the regulation of crypto spot markets, focusing on popular tokens like Bitcoin (BTC) and Ethereum’s Ether (ETH). These initial bills are expected to lay the groundwork for future crypto legislation in the new Congress.
It remains uncertain whether Pham will be a leading candidate for the permanent chairmanship, although her name frequently appears on the shortlist for the position.
Related: CFTC Opens Door for National Trust Banks to Issue Stablecoins
The roles of the CFTC and Securities and Exchange Commission (SEC) in regulating cryptocurrency remain uncertain under the Trump administration, as many U.S. lawmakers propose new legislation to establish a clearer market framework.
Behnam Resigns
On January 7, Behnam announced that he would officially resign from his position at thΠ΅ CFTC. His resignation aligned with President Trump’s inauguration, which also marked the departure of SEC Chair Gary Gensler.
During Behnam’s tenure, he led several significant cases that impacted both the cryptocurrency and derivatives markets. However, Behnam expressed concerns about the lack of proper oversight in the digital asset industry.
Related: Judge Allows Insider Trading Lawsuit Against Coinbase Execs
Additionally, Behnam raised concerns about the state of digital asset regulation, noting that a significant portion of the digital asset space in the U.S. remains unregulated.
Behnam called on his successor to prioritize the cryptocurrency market, stressing the importance of establishing clear guidelines to distinguish betweΠ΅n what is permissible and impermissible.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
