On 20 January 2025, the United States Commodity Futures Trading Commission (US CFTC) has unanimously appointed Commissioner Caroline D. Pham as Acting Chairman, effective immediately. She succeeds Rostin Behnam, who served as Chairman since January 2022 and will remain a Commissioner until his departure on 7 February 2025.
Acting Chairman Caroline D. Pham, a trailblazing figure in finance and law, brings over two decades of experience in derivatives, capital markets, and digital assets. She was first nominated to the US CFTC by the President on 12 January 2022 and confirmed by the Senate on 28 March 2022, beginning her tenure as a Commissioner on 14 April 2022.
Caroline D. Pham’s professional history is characterised by her expertise in strategy, innovation, and regulatory frameworks. During her tenure as a US CFTC Commissioner, she focused on expanding market access, enhancing American competitiveness, and optimising regulatory policies to foster market efficiency and liquidity. Her groundbreaking proposal for a US regulatory sandbox, realised through the US CFTC’s digital asset markets pilot programme, earned her a spot on CoinDesk’s Most Influential 2023 list.
Acting Chairman Caroline D. Pham has championed 14 recommendations on pressing market issues, including reforms to US Treasury markets, central counterparty resilience, and digital asset taxonomy. As sponsor of the US CFTC’s Global Markets Advisory Committee, her efforts have advanced modernisation and stability across multiple financial sectors.
Before her appointment to the US CFTC, Caroline D. Pham held senior roles in the public and private sectors. At Citigroup, she served as managing director, overseeing global initiatives related to market structure, digital assets, and compliance with regulatory reforms such as the Dodd-Frank Act. In the public sector, Acting Chairman Caroline D. Pham served as Special Counsel and Policy Advisor to former US CFTC Commissioner Scott O’Malia, as well as in enforcement roles with the US CFTC, US SEC, and United States Office of the Comptroller of the Currency. Her work advising global policymakers, industry leaders, and central banks underscores her reputation as an internationally recognised expert in systemic risk, prudential regulation, and market disruptions.
Caroline D. Pham has been widely lauded for her contributions to the legal and financial fields. A Life Fellow of the American Bar Foundation and a recipient of the 2024 Belva Ann Lockwood Award, she has also been honoured with the Cornerstone Award from the National Conference of Vietnamese American Attorneys for lifetime achievement. As the first Vietnamese-American woman appointed to a Senate-confirmed executive branch role, her appointment as Acting Chairman marks another significant milestone.
(Source: https://www.cftc.gov/PressRoom/PressReleases/9035-25)
