President Donald Trump has appointed Caroline Pham as Acting Chair of the Commodity Futures Trading Commission (CFTC), marking a significant shift in U.S. cryptocurrency regulation. The Republican commissioner, who received unanimous support from her colleagues, steps in as Rostin Behnam prepares to depart on February 7, 2025.
Pham’s appointment comes as Trump has promised to be a “crypto president.” Her pro-innovation stance and previous dissents from enforcement actions against crypto companies suggest a new direction in regulatory approach.
“I’m humbled to lead the CFTC as Acting Chairman. It is an honor to be entrusted to serve the American people during this pivotal time,” Pham stated. “I’m looking forward to engaging with all stakeholders in this new capacity as we focus on the CFTC’s mission to promote well-functioning markets that support economic growth and the competitiveness of the United States.”
The appointment carries extra weight as Congress considers legislation that could expand CFTC’s oversight of cryptocurrency markets. During her tenure as commissioner since 2022, Pham has advocated for creating a regulatory sandbox for crypto companies and establishing the Digital Asset Markets subcommittee.
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Chris Perkins, President of CoinFund and Member of the CFTC Global Markets Advisory Committee (GMAC) Digital Asset Markets Subcommittee, emphasized Pham’s background: “The daughter of immigrants who fled the Vietnam war, her powerful personal story is uniquely American. Caroline is a champion of markets and a supporter of the crypto industry. She will be focused on bringing innovation back onshore by introducing sandboxes, delivering regulatory clarity and refocusing on a principles-based approach.”
The cryptocurrency market has experienced heightened volatility amid the leadership transition at the CFTC.
This appointment follows Trump’s broader crypto-friendly leadership selections, including David Sacks as “White House A.I. & Crypto Czar” and Paul Atkins’ nomination to head the Securities and Exchange Commission.
Under the Federal Vacancies Act, Trump has 210 days to nominate and secure Senate confirmation for a permanent CFTC chair. The transition occurs as key Congressional leaders, including Republican French Hill, push for new crypto market structure legislation.
Pham’s previous experience as a Citigroup managing director and her consistent advocacy for clearer crypto regulations suggest she’ll prioritize market innovation while maintaining oversight. Her past dissents from enforcement actions indicate a preference for regulatory clarity over punitive measures.
The appointment represents a strategic move in Trump’s broader vision to reshape U.S. financial regulation, particularly in cryptocurrency markets, where the CFTC is positioned to play an increasingly central role in oversight and policy development.
