Caroline Pham, acting chair of the Commodity Futures Trading Commission (CFTC), said regulators will not make it easy for anyone in the crypto market.
Speaking at the Coinbase Annual Summit, she stressed that while the agency supports innovation and growth, breaking the law will not be tolerated.
Pham clarified that regulators do not want to criminalize crypto or its technology. Instead, they aim to stop dishonest actions like lying, cheating, and stealing. She emphasized that crypto companies must follow the rules to avoid penalties.
Pham became acting CFTC chair on January 20, 2025, after serving as a commissioner since April 2022. The CFTC oversees the large derivatives market, which helps businesses manage risks in commodities and currencies. The agency may soon regulate crypto spot markets for assets like bitcoin that are not classified as securities.
The CFTC also works to limit betting markets, which allow wagers on events such as elections and sports. Companies like Robinhood and Kalshi see these markets as growth opportunities.
Pham and fellow commissioner Kristin Johnson plan to leave the CFTC soon. This could leave Brian Quintenz, a crypto policy expert from a16z, as the sole commissioner if confirmed by the Senate. Pham praised Quintenz’s record and said she has not decided her next career move.
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