Caroline D. Pham Named CFTC Acting Chairman, Pledges Return to Agency Basics and Responsible Innovation

The Commodity Futures Trading Commission (CFTC) announced that Commissioner Caroline D. Pham has assumed the role of Acting Chairman following her designation by President Trump. Upon taking leadership as the agency marks its 50th anniversary, Pham stated that the regulator must refocus on its core statutory mission while adapting to evolving market structures. In her introductory statement, Acting Chairman Pham emphasized the need for the CFTC to get "back to the basics" to support American growers, producers, merchants, and other commercial end-users who rely on commodity derivatives to manage commercial risks. She noted that the agency must fulfill its statutory directives to promote market integrity, liquidity, responsible innovation, and fair competition across evolving global markets. Pham was sworn in as a CFTC Commissioner on April 14, 2022, following a unanimous confirmation by the U.S. Senate. Her tenure has focused on expanding market access, bolstering American competitiveness, and right-sizing regulatory frameworks. During her commissionership, Pham advocated for clear digital asset standards, notably proposing a CFTC digital asset markets pilot program to serve as a regulatory sandbox. As sponsor of the CFTC's Global Markets Advisory Committee (GMAC), Pham oversaw the delivery of 14 major market recommendations. These proposals addressed critical market issues including U.S. Treasury market reform, funding and repo markets, central counterparty resilience, FX markets alongside T+1 securities settlement, streamlined trade reporting data, tokenized collateral, and a comprehensive U.S. digital asset taxonomy. Prior to her regulatory appointment, Pham spent over two decades working in financial services and law, including serving as a managing director at Citigroup in compliance, legal, and regulatory strategy roles, and holding public sector positions at the CFTC, the Securities and Exchange Commission (SEC), and the Office of the Comptroller of the Currency (OCC).