Caroline D. Pham, former acting chairman of the Commodity Futures Trading Commission, stated on October 12, 2026, that the agency already possesses the authority to regulate nearly all commodities, including digital assets. She argues that the existing Commodity Exchange Act provides sufficient jurisdiction without requiring new legislation from Congress.
Pham highlighted that the only notable exceptions to the agency's oversight are onions and movie box office receipts. She expressed support for the agency's recent initiatives, including an advanced notice of proposed rulemaking issued around October 5, 2026, which focuses on retail crypto transactions, including those involving margin and leverage.
The agency's current approach, led by Chairman Michael Selig, aims to establish guardrails for retail digital asset trading. This follows a period during Pham's tenure, which ended in December 2025, when the CFTC launched a pilot program using BTC, ETH, and USDC as tokenized collateral in derivatives markets.
During 2025, the agency experienced significant operational shifts, including an 80% decrease in enforcement actions compared to the previous decade's average. This period also saw a 21% reduction in staff by the end of the year, alongside a strategic move away from specific crypto-related litigation.
