CFTC will not go easy on crypto says chair Pham

Acting CFTC Chair Caroline Pham stated that the agency will maintain a tight grip on the crypto industry despite support from the Trump administration. She pointed out that the agency had ended its regulation by enforcement approach, and was instead refocusing its time and resources on curbing scams and fraud.

Pham emphasized that theft in the crypto space will not be tolerated, adding that the CFTC will not give the industry an easy ride or let anyone break the law just because the agency was pro-innovation and pro-growth. She said the Biden administration went beyond what the law says on crypto, and its approach harmed traditional derivatives and forex markets. Changing rules for global derivatives markets to be creative or to ‘flex it’ by going after what was perceived as bad or evil broke the fabric of global markets.

Pham plans to strengthen and protect the crypto industry 

CFTC's Pham Calls for 'Uberizing' Crypto to Enhance Market Efficiency and Prevent Fraud pic.twitter.com/2BD94eZwBc

— 𝗕𝗮𝗻𝗸XRP (@BankXRP) June 13, 2025

Pham explained that “uberizing crypto” meant making digital assets “so widely adopted” and integrated into people’s daily lives that banning or criminalizing them would be politically impossible, similar to how Uber disrupted taxis and was now too established to be easily shut down. According to Pham, uberizing crypto meant it needed to be so big that it could not be unfairly ignored as just a concept or some random technology.

She clarified that Uber had met a lot of resistance initially, but it became more acceptable and integrated into people’s daily lives, becoming indispensable. People had Uber in their pockets, and they liked it, so it was difficult to “cancel” it through public opinion. Pham believes crypto can “survive any onslaught” if it becomes integral to people’s daily lives. 

“When something becomes so big, so accepted, so part of our lives, you can’t really take it away then. The public, the people, voters, they won’t let you.”

~ Caroline Pham, Acting Chair of the CFTC

Pham emphasized that the CFTC remains committed to enforcing rules fairly across all markets. She previously welcomed the Justice Department’s policy to focus on holding bad actors accountable while allowing regulators to set clear rules that supported responsible innovation. The acting CFTC Chair directed the CFTC staff and the Director of Enforcement, consistent with DOJ policy, to not seek to charge regulatory violations in cases involving crypto unless there was evidence that the defendant(s) violated any requirement willfully.

Pham proactively leads efforts to overhaul the CFTC

Pham proactively led efforts to overhaul the CFTC’s Division of Enforcement and reform its culture. Establishing a new task force model allowed CFTC attorneys to specialize in categories of cases, enhancing relevant knowledge, practices, and mentoring opportunities and reducing the risk of legal or ethical lapses. 

The acting CFTC Chair also commended the agency’s Director of Enforcement, Brian Young, for taking immediate and proactive steps to promote an ethical culture and enhance continuing education and training opportunities for enforcement staff, ensuring the agency adhered to the highest standards. According to Pham, the CFTC had taken necessary measures to ensure accountability at all levels, including placing staff on administrative leave pending further investigation. 

The Division of Enforcement also launched a Basic Trial Advocacy Skills training series, with opening, closing, and direct examination sessions. They also included interactions with the jury and opposing counsel, and techniques to avoid creating misimpressions. The sessions offer practical instruction on investigations and litigation, and opportunities to discuss ethical and discovery dilemmas that can occur in real-life scenarios. 

The Division of Enforcement also delivered various ethics training, including ensuring openness in engagement with defense counsel. It also hosted training on the American Bar Association’s Model Rules of Professional Conduct as applied to government attorneys, with additional training being planned. 

However, Pham said this overhaul of the CFTC may fall on the doorstep of a16z crypto policy head Brian Quintenz. She recently announced plans to leave the CFTC, potentially leaving Quintenz as the commissioner for a time if he receives Senate approval.

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