US President Trump recently appointed Republican Commodity Futures Trading Commission (CFTC) Commissioner Caroline Pham as acting chair, this appointment may bring a new atmosphere to digital asset regulatory policy.
According to a Bloomberg report, Trump chose current CFTC Commissioner Caroline Pham to replace Rostin Behnam as acting chair, the five CFTC commissioners have unanimously approved the nomination, Behnam is expected to step down on January 20 and officially leave the CFTC on February 7.
Pham said in a statement:
I am grateful for President Trump's trust, and also for the support of the Commissioners and all CFTC staff. I look forward to working with all stakeholders in my new role to promote market stability and support the growth and competitiveness of the US economy.
Distinct stance on digital asset regulation
Pham has long advocated for a clearer regulatory framework for the digital asset industry, she has proposed the concept of "regulatory sandboxes" to allow companies to test their products and services under close supervision of regulators in the short term, in order to reduce the compliance costs of entering the market. In addition, Pham has strongly opposed CFTC's decision to prevent Kalshi Inc. and other trading platforms from launching political event contract trading, indicating her open attitude towards innovative regulatory models.
Professional background and future challenges
Pham was nominated as a CFTC Commissioner by former President Biden in 2021, prior to that she had worked at Citigroup for more than seven years, accumulating rich experience in traditional finance and emerging digital finance. As the main regulator of the US's approximately $400 trillion derivatives market, CFTC is currently facing the challenge of balancing market stability and innovative regulation in the rapidly developing digital asset market.
Pham's appointment as acting chair also makes her a leading candidate for the next permanent CFTC chair. Other potential candidates include veteran Republican CFTC Commissioner Summer Mersinger and former Republican CFTC Commissioner Brian Quintenz, who is currently the policy chief at a16z Crypto.
