Acting Chair of the Commodity Futures Trading Commission (CFTC), Caroline Pham, announced on Tuesday that she is soliciting nominations for chief executives to join a newly formed CEO Innovation Council. The council is designed to bolster the agency's efforts in expanding oversight of digital assets, with submissions due by December 8.
The CFTC is poised to take on a larger regulatory role in cryptocurrency, as pending bills in both the House and Senate could grant the agency broader authority. However, legislative progress remains stalled, with earlier targets missed. In the interim, the agency has launched a 'Crypto Sprint' initiative to clarify rules and is focusing on debuting spot trading products, including leveraged offerings.
Pham emphasized the urgency of industry collaboration in a statement: "In order to hit the ground running, it is critical that the CFTC drives public engagement with the support of expert industry leaders and visionaries who are building the future." She added, "That is why today I am calling upon CEOs to join us in shaping responsible regulations that will lay the foundation for America’s Golden Age of Innovation."
The CFTC targets having the council operational by January, coinciding with a crucial Senate vote on a comprehensive crypto market structure bill. Pham, currently the lone commissioner, plans to depart once a new chair is confirmed. The Senate is advancing President Donald Trump's nominee, Michael Selig, for the position, awaiting a full vote.
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