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, appointed by the former president Joe Biden as a commission in 2021, has become a leading advocate of regulatory clarity for the US crypto-industry.
In her time as a member of the Senate, she championed new frameworks like “regulatory sandboxes,” This allows companies to test products and services in a controlled environment without having to comply with all regulations.
Pham, in a September 2023 speech to a Cato Institute think tank event, proposed that the government lead a pilot program for the creation of digital asset markets compliant with regulations and tokenization.
She sees this program as an effort to bring together regulators, industry players, and stakeholders in order to develop guidelines on risk management, fraud prevention, and transparency.
Pham said that as a result of the program, it would increase liquidity and competitiveness while also addressing fraud and risks in the cryptocurrency market.
Moreover, a newly reported acting CFTC chair stated that the US is at risk of falling behind its international counterparts in advancing long-term and strategic crypto policies.
Nominations to permanent roles
The report states that while Pham has been appointed as the acting chair of the CFTC, the search continues for a permanent chair.
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 candidates are crypto-friendly and pro. reportedly You can also find out more about the following: “odds-on front-runners”For the role.
As the pressure mounts on the person appointed permanent chair, they will have to find a way to balance the traditional financial market with the growing influence of digital assets.
Financial Innovation and Technology for the 21st Century Act could be voted upon by the floor and grant the CFTC increased authority over the digital commodities market, including the exchanges.
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