On January 20, 2025, Caroline Pham, a Republican commissioner at the Commodity Futures Trading Commission (CFTC), was appointed as the interim chair following the departure of Rostin Behnam. This transition marks a significant shift in U.S. policy towards a more favorable stance on digital assets under President Trump's administration.
The CFTC is poised to become a key regulatory body for cryptocurrencies, with expectations that it will oversee spot markets for prominent tokens like Bitcoin (BTC) and Ethereum (ETH). This change is anticipated as the foundation for upcoming legislative efforts in the new Congress aimed at establishing a comprehensive regulatory framework for digital assets.
The five-member commission's decision to elevate Pham reflects the incoming majority party's influence. Although her term is temporary, it remains uncertain if she will be a candidate for the permanent chair position.