President Donald Trump has reportedly chosen Caroline Pham, a junior commissioner at the Commodity Futures Trading Commission (CFTC), to serve as the agency’s acting chair, Bloomberg News reported on Jan. 20, citing sources familiar with the matter.
According to the news outlet’s sources, the CFTC’s five commissioners voted on Monday to confirm Pham as acting chair since the appointment wasn’t officially announced. Traditionally, the commission supports the incoming administration’s nominee for the acting role.
Pham was appointed as a commissioner by former President Joe Biden in 2021 and has emerged as a prominent advocate for regulatory clarity in the US crypto industry.
During her tenure, she has championed innovative frameworks such as “regulatory sandboxes,” which allow companies to test their products and services under close supervision without the burden of full compliance.
In September 2023, during a speech at a think tank Cato Institute event, Pham proposed a government-led pilot program to foster the development of compliant digital asset markets and tokenization.
She envisions the program as a collaborative effort involving regulators and industry stakeholders to establish guidelines for risk management, transparency, and fraud prevention.
As a result, Pham stated that the program would boost liquidity and competition while addressing risks and preventing fraud in the crypto market.
Moreover, the reported new CFTC acting chair commented that the US risks falling behind international counterparts who are advancing strategic and long-term crypto policies.
Nominations for permanent role
While Pham is set to assume the role of acting chair, the search for a permanent CFTC chair continues, according to the report.
Other contenders include Summer Mersinger, the CFTC’s senior Republican member, and Brian Quintenz, a former commissioner now spearheading policy for Andreessen Horowitz’s crypto arm, a16z Crypto. Both nominees are pro-crypto and were reportedly the “odds-on front-runners” for the role.
Whoever is eventually appointed to the permanent chair will face mounting pressure to navigate the intersection of traditional financial markets and the increasingly influential digital asset sector.
The Financial Innovation and Technology for the 21st Century Act, currently up for a floor vote, could grant the CFTC expanded authority over digital commodities markets, including exchanges.
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