President Donald Trump has appointed Caroline Pham, a junior commissioner at the Commodity Futures Trading Commission (CFTC), as the acting chair of the influential regulatory body overseeing swaps and derivatives markets. The CFTC’s five-member commission confirmed Pham’s appointment in a vote on Monday. Traditionally, the president selects the acting chair, and the commission adheres to that choice.
Pham expressed her appreciation for the appointment, thanking President Trump for his confidence in her leadership and acknowledging the support of her colleagues and CFTC staff. She emphasized her commitment to ensuring the smooth operation of markets, bolstering economic growth, and reinforcing the strength of the U.S. economy.
While Pham has assumed the role of acting chair, the search for a permanent leader is ongoing. She is considered a strong contender for the permanent position, along with Summer Mersinger, a senior Republican commissioner at the CFTC, and Brian Quintenz, a former CFTC commissioner now serving at a16z Crypto.
Known for advocating clearer regulations for digital companies, Pham has proposed the use of “regulatory sandboxes,” allowing firms to test their products under temporary supervision. Additionally, she has challenged certain CFTC rules, such as blocking Kalshi Inc. from offering event contracts on U.S. elections, a stance that may prompt the agency to reassess its regulatory approach under the new administration.
Pham was nominated to the CFTC by President Joe Biden in 2021, following a seven-year tenure at Citigroup. She will serve as acting chair until a permanent appointment is made, as current Chairman Rostin Behnam is set to step down in February 2025. The CFTC, which oversees the $400 trillion swaps market, is a critical player in regulating financial markets in the U.S.
Related topics:
MakersPlace Shuts Down After Six Years in Digital Art Space Amid NFT Market Decline
Litecoin ETF Nearing SEC Approval, Analyst Predicts
SEC Appeals XRP Ruling in Ongoing Ripple Lawsuit, Claims All XRP Sales Are Securities
