Former CFTC head Caroline Pham claims existing law covers crypto markets
CIE News ·
Former CFTC acting chair Caroline Pham stated that the Commodity Exchange Act grants the agency authority to oversee crypto markets without new legislation from Congress.
Former Commodity Futures Trading Commission acting chair Caroline Pham stated on October 12, 2026, that the Commodity Exchange Act gives the agency comprehensive statutory jurisdiction over cryptocurrency markets without requiring new congressional legislation. Speaking as chief legal officer at MoonPay, Pham argued that the broad definition of commodities in the CEA already encompasses digital assets, noting that only onions and motion picture box office receipts are carved out from the statute.
Pham voiced support for the agency's October 5, 2026, advance notice of proposed rulemaking regarding retail leveraged digital asset transactions under Regulation CTX and Regulation CAM. Current CFTC Chairman Michael Selig is advancing these frameworks to oversee margined and financed retail trades through Section 2(c)(2)(D) of the CEA. Pham characterized the proposed rules as necessary consumer safeguards, expressing a preference for federal exchange oversight following the stall of the CLARITY Act in September.
Pham also noted that wholesale financial markets cannot rely entirely on atomic on-chain settlement, citing a requirement of $15 trillion in daily cash for trading operations. She suggested that tokenized bank deposits are better suited than stablecoins for satisfying wholesale market liquidity needs.