The Commodity Futures Trading Commission (CFTC) announced on September 19, 2023, that it has added several new members to its Global Market Advisory Committee (GMAC) and subcommittees, aiming to strengthen its oversight of digital assets.
The move underscores the agency’s efforts to keep up with the rapidly evolving digital asset market. It has only one active commissioner, Caroline Pham, who serves as interim chair.
CFTC Invites Crypto Experts From Uniswap, Chainlink , and Others
The Digital Asset Markets Subcommittee (DAMS), which focuses on digital asset market regulation and policy, has appointed four key industry figures: Katherine Minarik (Uniswap Labs), Avery Ching (Aptos Labs), James J. Hill (BNY Mellon), and Ben Sherwin (Chainlink Labs).
JPMorgan's Scott Lucas and Franklin Templeton's Sandy Kaul were appointed as co-chairs. Their guidance is expected to bridge traditional and decentralized finance while addressing risk and policy challenges.
“We look forward to working with the Commission and industry partners to ensure a balanced and clear regulatory framework for digital assets,” said Scott Lucas, co-chair of DAMS.
Sandy Kaul stressed the importance of promoting innovation while protecting investors.
Pham emphasized the committee’s impact, saying, “GMAC continues to provide invaluable expertise that not only shapes policy decisions at the CFTC, but also adds important context to global discussions about emerging trends in market structure and how digital assets are regulated.”
CFTC busy facing challenges, but interim leadership continues
Despite the expanded team, the long-standing leadership shortage remains a challenge, with four of the CFTC ’s five commissioner seats still unfilled. Acting Chairman Pham remains the sole leader, and some market participants have questioned the agency’s ability to implement initiatives such as the “crypto sprint” program and approve spot crypto trading on registered futures exchanges.
Legislation like the Financial Innovation and Technology for the 21st Century Act seeks to expand the CFTC’s authority over spot and Derivative markets. Experts say a confirmed chairman is crucial to handling this expansion and meeting growing regulatory demands.
The lack of a chair has been prolonged in part due to opposition from industry figures, including the Winklevoss brothers, who have been backing former President Trump and have delayed confirmation of the nominees.
Regardless, the new appointments demonstrate the CFTC’s commitment to engaging with the crypto space. Once a permanent chair takes office, the agency will provide timely guidance and promote the development of a standardized digital asset market in the United States.
