The Commodity Futures Trading Commission (CFTC) announced on September 19 that it has added several new members to the Global Market Advisory Committee (GMAC) and the subcommittee with the aim of strengthening digital assets monitoring.
The move highlights the agency’s efforts to keep up with the rapidly evolving digital asset market. Active commissioner Caroline Fam is acting chairperson.
CFTC brings crypto experts from UNISWAP, ChainLink and more
Focusing on digital asset regulation and market policy, Digital Asset Market (DAMS) has appointed figures for four major industry figures: Katherine Minarik (Uniswap Labs), Avery Ching (Aptos Labs), James J. Hill (BNY Mellon), and Ben Sherwin (Chainlink Labs).
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JP Morgan’s Scott Lucas and Franklin Templeton’s Sandy Cowl have been appointed co-chairs. Their guidance is expected to fill traditional and decentralized finances while tackling risk and policy challenges.
Dam co-chair Scott Lucas said, “We look forward to working with commissions and industry partners to ensure a well-balanced, clear framework for digital assets.”
Sandy Kaul highlighted the importance of promoting innovation while protecting investors.
Pham highlighted the committee’s impact, saying, “The GMAC continues to provide valuable expertise that not only shaped policy decisions at the CFTC, but also adds important context to the global debate on emerging market structures and regulatory treatment of digital assets.”
The busy CFTC faces challenges, but acting leadership continues
Despite the expanded team, long-term leadership vacancy remains a challenge, with four of the five CFTC Commissioner seats still not yet reclaimed. Acting Chair Fam remains the only leader, with some market participants questioning the agency’s past ability to implement initiatives such as the “Crypto Sprint” program and approve spot crypto transactions on registered futures exchanges.
Laws such as financial innovation and technology in 21st century laws seek to expand the power of CFTCs over spot and derivatives markets. Experts say the confirmed chairs are important to handle this expansion and meet growing regulations demands.
Long-term chair vacancies are due to opposition from industry figures, including the Wincrevos Twins. These known supporters of former President Trump have stalled confirmation of candidates.
Anyway, the new appointment shows CFTC’s commitment to engaging with the crypto sector. Once permanent chairs take the position, agents will provide timely guidance and accelerate development of standardized digital asset markets in the US
