CFTC Seeks CEO Nominations for Digital Asset Policy Council

CFTC Launches CEO Innovation Council to Shape Digital Asset Policy

Caroline Pham, the acting chair of the U.S. Commodity Futures Trading Commission (CFTC), has issued a call for nominations for Chief Executive Officers to serve on a council dedicated to discussing policies, particularly those impacting the rapidly evolving digital asset space. This initiative aims to leverage the expertise of industry leaders in navigating the complexities of financial regulation within this sector.

In a notice released on Tuesday, Pham indicated that the CFTC will accept submissions until December 8th for its “CEO Innovation Council.” This council builds upon the regulator’s prior efforts in the digital asset realm, including the “Crypto Sprint” initiative, a dedicated forum for the crypto industry, and ongoing Congressional work on market structure legislation. The acting chair emphasized that the council’s primary focus will be on the CFTC’s “expanded mission over crypto and prediction markets.”

Key Objectives of the CEO Innovation Council:

• Provide insights on digital asset regulation.
• Ensure vibrant and resilient markets.
• Protect all market participants.
• Drive public engagement with industry expertise.

“The CFTC stands ready to carry out our mission over expanded markets and products, including crypto and digital assets, and ensure our markets remain vibrant and resilient while protecting all participants,” stated Pham. “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.”

The precise timeline for the CFTC’s formal establishment of the council remains uncertain, though it is possible it will occur after Pham’s departure from the commission. SEC official Michael Selig is anticipated to succeed Pham, with his nomination as a Senate-confirmed chair potentially heading to a floor vote soon. Many lawmakers are not expected to return to Washington, D.C., until after the Thanksgiving holiday.

Selig's recent statements signal his potential crypto priorities as the CFTC faces a leadership transition.

While the Senate has yet to vote on Selig’s nomination, his testimony before the Agriculture Committee last week provided insights into his potential approach to digital asset regulation, should he be confirmed. Selig emphasized the “vitally important” need for a “cop on the beat” to oversee spot digital asset commodity markets. He also highlighted the “very valuable” nature of diverse perspectives, particularly given the current leadership gap at the CFTC – with Pham serving as the sole commissioner for several months, and no additional nominations from the White House announced as of Tuesday.