Acting CFTC chair seeks CEOs for ‘innovation council,’ citing crypto

Caroline Pham, acting chair of the US Commodity Futures Trading Commission, called for nominations of CEOs to fill seats on a council to discuss policies, including those related to digital assets. 

In a Tuesday notice, Pham said the CFTC would be accepting submissions until Dec. 8 for a “CEO Innovation Council,” referencing the regulator’s previous efforts to regulate digital assets, including its “Crypto Sprint” initiative, a crypto industry forum, and Congress’ progress with a market structure bill. The acting chair said the council would focus on the CFTC’s “expanded mission over crypto and prediction markets.”

“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,” said 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.”

It’s unclear when the CFTC will officially form the council, but it could occur after Pham leaves the commission. The acting chair could soon be replaced by SEC official Michael Selig, whose nomination as a Senate-confirmed chair of the commission is expected to be headed for a floor vote soon. Many lawmakers will not return to Washington, D.C., until after the Thanksgiving holiday.

Related: CFTC initiative to allow stablecoins as collateral in derivatives markets

Selig signals crypto priorities as CFTC faces leadership void

Though the Senate has not yet voted on Selig’s nomination, his testimony before lawmakers in the Agriculture Committee last week offered a preview of how he might approach digital asset regulation if confirmed.

Selig said it was “vitally important” to have a “cop on the beat” for regulating spot digital asset commodity markets. He also said it was “very valuable to have a diversity of viewpoints,” referring to the dearth of leadership at the CFTC — Pham has been the sole commissioner for months, and the White House had announced no additional nominations from US President Donald Trump as of Tuesday.