The U.S. Commodity Futures Trading Commission (CFTC) has expanded its Global Markets Advisory Committee (GMAC) and Digital Asset Markets Subcommittee (DAMS) by appointing key figures from the cryptocurrency and traditional finance sectors. JPMorgan’s Scott Lucas and Franklin Templeton’s Sandy Kaul were named co-chairs of DAMS, replacing Caroline Butler. New members include Katherine Minarik of Uniswap Labs, Avery Ching of Aptos Labs, James J. Hill of BNY Mellon, and Ben Sherwin of Chainlink Labs.
The appointments, under Acting CFTC Chair Caroline D. Pham, signal the agency’s push to integrate industry expertise into policymaking for digital assets. DAMS focuses on blockchain, tokenization, DeFi, market risks, and regulatory harmonization. Lucas emphasized the need for "clear and effective regulatory frameworks," while Kaul highlighted expanding digital asset access with "well-designed consumer protections."
This move coincides with Pham’s "Crypto Sprint" initiative, aimed at implementing recommendations from the President’s Working Group on Digital Assets and addressing jurisdictional overlaps with the SEC. Wall Street institutions like BNY Mellon and JPMorgan are increasingly exploring tokenization and crypto-backed lending, reflecting growing institutional interest.
Regulatory momentum is further supported by President Trump’s signing of the GENIUS Act and ongoing congressional efforts, such as the Responsible Financial Innovation Act of 2025, which proposes a Joint Advisory Committee on Digital Assets and protections for DeFi developers. A public roundtable on these developments is scheduled for September 29.
Despite these advancements, the CFTC faces challenges with leadership vacancies, as four of five commissioner seats remain unfilled, partly due to opposition from industry figures like the Winklevoss twins. Experts stress that a confirmed chair is crucial for effective regulatory expansion.
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