Caroline Pham, Commissioner of the US Federal Government’s Commodity Futures Trading Commission (CFTC), has been appointed as the interim chair of the CFTC Commission, according to a Bloomberg report. In the news confirmed by Unchained, it was stated that Trump has not yet made a selection for the permanent chairman of the commission.
CFTC
Sources close to the Trump transition team had stated that CFTC commission member Summer Mersinger and a16z crypto Policy Head Brian Quintenz were prominent names for the presidency. However, that changed over the weekend with reports that Pham could be selected.
Pham’s representative confirmed that he was elected to the position by Trump and subsequently selected by his colleagues. Under the federal Job Openings Act, Trump has 210 days to choose a permanent president and be confirmed by the Senate.
Pham, who was appointed to the agency by President Biden in 2022, has a solid conservative background in both the private and public sectors. A strong supporter of the crypto industry, Pham has often disagreed with sanctions against unfairly targeted crypto firms.
“I am honored to lead the CFTC as Interim Chairman. “It is a great honor to serve the American people at this critical time.” -Interim President Caroline Pham.
Chris Perkins, CoinFund President and member of the CFTC Global Markets Advisory Committee (GMAC) Digital Asset Markets Subcommittee, emphasized that Pham is someone who supports the markets and supports the crypto industry.
Regulation Developments
Pham, who will direct the CFTC, will take the lead in creating interpretive rules on how such laws would be implemented should a potential market structure law give the CFTC oversight authority over crypto. The current commission is expected to play a key role in the CFTC’s crypto regulation. If the new laws are passed, it is anticipated that Pham will be an important figure in this process.
CFTC’s impact on the crypto space could be decisive in future regulation of the Crypto market. Considering cryptocurrencies as commodities instead of securities will also pave the way for ETF approvals.
As a result, the appointment of Caroline Pham as chair of the CFTC is seen as an important step for the future of crypto regulation in the United States. Pham’s background and support for crypto could influence the commission’s work in this area.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
