CFTC Seeks CEO Nominations for Crypto Advisory Council
Caroline Pham, the acting chair of the US Commodity Futures Trading Commission (CFTC), has called for nominations of CEOs to fill seats on a council to discuss policies related to digital assets. In a statement, Pham announced that the CFTC would accept submissions for a “CEO Innovation Council” through December 8, citing the regulator’s previous efforts to regulate digital assets, including its “Crypto Sprint” initiative.
The council will focus on the CFTC’s expanded mission across crypto and prediction markets, according to Pham. “The CFTC stands ready to fulfill our mission regarding expanded markets and products, including crypto and digital assets, and ensure our markets remain vibrant and resilient while protecting all participants,” she said. Pham emphasized the importance of public engagement with experienced industry leaders and visionaries who are shaping the future.
It is unclear when the CFTC will formally form the council, but it could happen after Pham leaves the commission. The acting chairman could soon be replaced by SEC official Michael Selig, whose nomination as Senate-confirmed chairman of the commission is expected to be voted on soon. Many lawmakers will not return to Washington, DC until after the Thanksgiving holiday.
CFTC Initiative and Future Priorities
The CFTC has also announced an initiative to allow stablecoins as collateral in derivatives markets. This move is seen as a significant step towards regulating digital assets and providing a clearer framework for the industry. Selig, the potential future chairman, has signaled that crypto priorities will be a key focus area for the CFTC.
Selig’s testimony to lawmakers on the Agriculture Committee last week offered a glimpse of how he might approach regulating digital assets if confirmed. He emphasized the importance of having a “policeman with his finger on the pulse” of regulating digital asset spot markets. Selig also highlighted the value of having different points of view, citing the lack of leadership at the CFTC.
Expert Insights and Next Steps
As the CFTC continues to navigate the complex landscape of digital assets, it is essential to have experienced industry leaders and experts involved in the decision-making process. The CEO Innovation Council is a step in the right direction, and the nominations of CEOs will provide valuable insights and guidance for the regulator. For more information on the CFTC’s initiatives and priorities, visit Cointelegraph.
