Interim CFTC Leader Caroline Pham Takes Action on Crypto Recommendations
With the chairmanship of the Commodity Futures Trading Commission (CFTC) still up in the air, interim leader Caroline Pham is wasting no time in addressing recommendations outlined in the recent crypto report issued by the President’s Working Group.
The CFTC, responsible for regulating U.S. derivatives trading and potentially overseeing a significant portion of U.S. crypto trading, has been at the forefront of key recommendations in the report. Pham, who was appointed acting chairman by President Donald Trump earlier this year, has instructed the agency to seek input from industry stakeholders in order to prioritize meeting the objectives outlined in the report.
“I am initiating engagement with stakeholders to address all recommendations outlined in the report with the full backing of the President’s Working Group on Digital Asset Markets to fulfill President Trump’s commitment to the crypto industry,” Pham stated. The agency has officially opened a two-month window for public comments on how to implement the report’s recommendations.
Despite the impending leadership changes at the CFTC, with Pham indicating her departure and the nomination of former Commissioner Brian Quintenz for chairman being delayed, the agency is moving forward with its crypto initiatives. While Quintenz’s confirmation process has faced setbacks, the industry is urging the White House to expedite his approval. The White House, although delaying the final committee vote, continues to support Quintenz’s nomination.
With the Senate on a break during August, the resolution of the CFTC chairmanship remains uncertain. Pham, set to leave her position, and the impending departure of Democrat Kristin Johnson, leaves the commission potentially understaffed. If Quintenz is confirmed promptly following the Senate’s recess, he may find himself leading a commission with several vacancies.
In the midst of these developments, Pham has emphasized that the CFTC’s efforts in the crypto space align with “Project Crypto,” a recent initiative announced by Paul Atkins, the appointed chairman of the Securities and Exchange Commission. This follows Pham’s commitment to a “crypto sprint” announced earlier in August.
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