CFTC Expands Digital Asset Oversight with New GMAC Appointments

The Commodity Futures Trading Commission (CFTC) announced new appointments to its Global Markets Advisory Committee (GMAC) and subcommittees on September 19, signaling a stronger focus on digital asset oversight. The move underscores the agency’s push to keep pace with the rapidly evolving crypto market. Caroline Pham, the sole active commissioner, continues to serve as acting chair.

The Digital Asset Markets Subcommittee (DAMS), dedicated to crypto regulation and policy, added four notable industry leaders: Katherine Minarik of Uniswap Labs, Avery Ching of Aptos Labs, James J. Hill of BNY Mellon, and Ben Sherwin of Chainlink Labs. Scott Lucas of JPMorgan and Sandy Kaul of Franklin Templeton were named co-chairs, aiming to bridge traditional finance with decentralized finance while addressing risk and regulatory challenges.

Lucas emphasized the importance of developing clear, balanced rules for crypto markets, while Kaul highlighted fostering innovation alongside strong investor protections. Pham noted the committee’s role in shaping U.S. policy and influencing global conversations on digital assets.

Despite these advancements, leadership gaps remain a concern. Four of the five commissioner seats are still vacant, leaving Pham as the only acting leader. This has raised doubts about the agency’s ability to fully implement initiatives such as the “crypto sprint” program or expand spot crypto trading approvals.

Legislative efforts like the Financial Innovation and Technology for the 21st Century Act could significantly broaden the CFTC’s authority, making permanent leadership critical. Industry opposition, including from the Winklevoss twins, has contributed to delays in confirming a chair.

Still, the new appointments reflect the CFTC’s commitment to engaging with crypto stakeholders. Once leadership is stabilized, the agency is expected to accelerate clear guidance and help standardize digital asset market rules in the U.S.