With the Presidency, an open question for the Commodity Futures Trading Commission – likely to be a leading US watchdog for crypto – its temporary leader, Caroline Pham, is in the process of recommending the recent crypto report from the president’s working group.
CFTC, which regulates US derivatives and would take on monitoring the majority of US crypto trading under Congress’s market structure legislation, was at the center of the most important recommendations in the Trump administration report. So Pham, as President Donald Trump appointed acting chairman earlier this year, ordered the agency to start taking industrial entry to meet what has become “a highest priority” in the White House.
“I start engaging stakeholders in all other report recommendations to CFTC with full support from the president’s working group in digital asset markets to operate President Trump’s promise to win at crypto,” Pham said in a statement. The Agency formally requests public comments to meet the report’s recommendations and open a two-month window to input.
CFTC faces potential leadership drama, where Pham has said she is on her way out and the confirmation process to make former commissioner Brian Quintenz deliberately delayed by the White House. Quintenz withdrew open criticism from Tyler Winklevoss, CEO of Gemini, who is among Trump’s inner circle of preferred crypto leaders, but most of the industry’s lobbyists ask the president to press for a quick approval of his nomination. For reasons, as it never detailed, the White House delayed what would have been a final vote on sending Quintenz’s confirmation to the Senate floor, it allegedly supports him.
After this stitch in his confirmation, the Senate went during the August break and further prevented the solution of the CFTC presidency, where Pham was ready to leave and the only other sitting commissioner – Democrat Kristin Johnson – also plans to go. Even if Quintenz is quickly confirmed after the Senate summer erection, he can take over an otherwise empty five-member commission.
Meanwhile, Pham said CFTC’s renewed crypto efforts are intended to work with “Project Crypto” recently announced by Paul Atkins, the Trump-appointed President of Securities and Exchange Commission. This is a follow -up to “Crypto Sprint,” which Pham recently promised on August 1st.
Read more: US CFTC is considering allowing Spot Crypto Trading on registered futures exchanges
