On 22 December 2025, the Commodity Futures Trading Commission confirmed that Caroline D. Pham, Acting Chairman of the Commission, formally announced her departure from public service. Caroline D. Pham was sworn in as a Commissioner of the Commodity Futures Trading Commission on 14 April 2022, following nomination by the President of the United States and unanimous confirmation by the United States Senate. She assumed the role of Acting Chairman on 20 January 2025, following the inauguration of Donald J. Trump, and led the agency during a period of heightened focus on market structure, innovation, and regulatory legitimacy.
Reflecting on her tenure, Caroline D. Pham, Acting Chairman of the Commodity Futures Trading Commission, stated: “It has been the honor of a lifetime to lead the CFTC during such a historic moment for market structure and innovation. I am incredibly proud of the CFTC and all its dedicated staff for their hard work and commitment this year to deliver on our pledge to get back to basics and regular order. As I said at the beginning of the year, as the CFTC celebrates our 50th anniversary, we have always served our mission to promote market integrity and liquidity in the commodity derivatives markets that are critical to the real economy and global trade — ensuring American growers, producers, merchants, and other commercial end-users can mitigate risks to their business and support strong U.S. economic growth.”
She further emphasised the Commission’s forward-facing agenda, noting: “This year, we also refocused on our mandate to promote responsible innovation and fair competition as the CFTC prepares to take on expanded oversight of new markets and new products like digital assets, crypto, and prediction markets. I am deeply grateful for the CFTC’s expertise, experience, and care in safeguarding the public’s trust while championing progress, growth, and access to markets. I am thrilled to welcome Michael Selig as the 16th Chairman of the CFTC. His pragmatic, common sense approach will ensure the CFTC strikes the right balance of innovation and market integrity.”
During her tenure as Acting Chairman, Caroline D. Pham accomplishments includes resolving longstanding implementation issues under the Dodd-Frank Act and swaps regulation, issuing a comprehensive framework for self-reporting and cooperation in enforcement actions, and facilitating innovation in market structure through initiatives such as perpetual contracts, round-the-clock trading models, and prediction markets. Of particular significance to the crypto sector, she launched the Commodity Futures Trading Commission’s Crypto Sprint to operationalise the recommendations of the President’s Working Group on Digital Asset Markets. This initiative delivered historic milestones, including listed spot crypto trading on Commodity Futures Trading Commission registered futures exchanges, a digital asset markets pilot programme, tokenised collateral guidance, and the establishment of the Commodity Futures Trading Commission Crypto Chief Executive Officer Forum and Chief Executive Officer Innovation Council.
(Source: https://www.cftc.gov/PressRoom/PressReleases/9163-25)
