The Commodity Futures Trading Commission (CFTC) announced on September 19 that it has added several new members to its Global Markets Advisory Committee (GMAC) and subcommittees, aiming to strengthen oversight of digital assets.
The move highlights the agency’s efforts to keep up with the fast-evolving digital asset market. Only one active commissioner, Caroline Pham, serves as acting chair.
CFTC Brings in Crypto Experts from Uniswap, Chainlink and Others
The Digital Asset Markets Subcommittee (DAMS), focused on digital asset regulation and market policy, appointed four key industry figures: Katherine Minarik (Uniswap Labs), Avery Ching (Aptos Labs), James J. Hill (BNY Mellon), and Ben Sherwin (Chainlink Labs).
Scott Lucas of JPMorgan and Sandy Kaul of Franklin Templeton were appointed as co-chairs. Their guidance is expected to bridge traditional and decentralized finance while tackling risk and policy challenges.
Scott Lucas, co-chair of DAMS, said, “We look forward to collaborating with the Commission and industry partners to ensure a balanced, clear framework for digital assets.”
Sandy Kaul stressed the importance of advancing innovation while protecting investors.
Pham highlighted the committee’s impact, stating, “The GMAC continues to provide invaluable expertise that has not only shaped policy decisions at the CFTC, but has also added important context to global discussions about emerging trends in market structure and the regulatory treatment of digital assets.”
Busy CFTC Faces Challenges, But Acting Leadership Continues
Despite the expanded team, prolonged leadership vacancies remain a challenge, with four of the five CFTC commissioner seats still unfilled. Acting Chair Pham remains the sole leader, and some market participants have questioned the agency’s past ability to implement initiatives like the “crypto sprint” program and approve spot crypto trading on registered futures exchanges.
Legislation such as the Financial Innovation and Technology for the 21st Century Act seeks to broaden the CFTC’s authority over spot and derivatives markets. Experts say a confirmed chair is crucial to handle this expansion and meet growing regulatory demands.
The prolonged chair vacancy has been partly due to opposition from industry figures, including the Winklevoss twins. These known supporters of former President Trump stalled nominee confirmations.
Regardless, the new appointments demonstrate the CFTC’s commitment to engaging with the crypto sector. Once a permanent chair takes the position, the agency will provide timely guidance and accelerate standardized digital asset market development in the U.S.
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