Introduction
Caroline Pham, who is currently serving as the acting chair of the U.S. Commodity Futures Trading Commission (CFTC), has made a call for nominations of chief executive officers to join a newly proposed CEO Innovation Council. This council is intended to engage in discussions around regulatory policies impacting various sectors, particularly those associated with digital assets.
Call for Nominations
In a statement released on Tuesday, Pham outlined that the CFTC will continue to accept nominations until December 8 for this initiative. She highlighted the agency’s ongoing efforts to establish a regulatory framework for digital assets, which includes their previous endeavors like the ‘Crypto Sprint’ initiative and additional dialogues surrounding legislative advances concerning market structures.
Focus of the Council
Pham emphasized that the council’s primary focus will center around the CFTC’s broadened responsibilities regarding cryptocurrency and prediction markets.
“Our mission involves not only utilizing the tools we have to ensure robust and resilient markets but also to protect all participants in those markets,”
Pham stated. She stressed the necessity of forming strategic partnerships with industry experts who are instrumental in shaping the future of the sector to ensure that the CFTC is poised for actionable engagement.
Future of the Council
While it remains uncertain when the formal establishment of the council will occur, it could potentially happen after Pham’s tenure as acting chair comes to an end. Speculation surrounds her replacement, SEC official Michael Selig, whose nomination to become the new chair likely will head to a Senate vote shortly. However, it’s noteworthy that many lawmakers are not scheduled to return to Capitol Hill until after the Thanksgiving holiday.
Insights on Crypto Regulation
Although Selig’s nomination awaits confirmation, he has provided insights regarding his perspective on crypto regulation through his recent testimony before the Agriculture Committee. He indicated the importance of having regulatory oversight—described as needing a ‘cop on the beat’—over the markets for spot digital asset commodities. Additionally, he remarked upon the necessity for a variety of perspectives as the CFTC navigates its current lack of leadership, as Pham has operated as the sole commissioner for several months now, and there have been no new nominations announced by President Donald Trump as of the latest reports.
