While the Trump administration’s friendlier stance on digital assets may signal a shift in tone, Commodity Futures Trading Commission (CFTC) Acting Chair Caroline Pham has made it clear that crypto companies shouldn’t expect a regulatory free pass.
Speaking at the Coinbase Annual Summit on June 12, Pham emphasized that regulatory leniency is not on the table, even under an administration that champions innovation.
“There’s no easy street for anybody, and regulators aren’t easy. Just because we are pro-innovation and pro-growth does not mean that you’re going to be able to get away with breaking the law,”
she said in a conversation with Yahoo Finance’s Brian Sozzi. “
Pham also took aim at the previous administration’s crypto policies, criticizing what she described as an overreach by the Biden-era regulators. She argued that their aggressive tactics not only harmed the crypto industry but also destabilized traditional markets, such as derivatives and foreign exchange.
Pham welcomed what she described as a new era of crypto regulation — one focused on targeting fraud and bad actors rather than enforcing policy through litigation. She said the CFTC has stepped away from “regulation by enforcement” and is instead zeroing in on cleaning up misconduct.
On the topic of “uberizing crypto,” a phrase she’s used previously, Pham explained that she envisions a future where digital assets are so deeply embedded in daily life that any attempts to outlaw them would be politically untenable.
Her comments come as the CLARITY Act — a bill aimed at defining crypto market structure and regulatory authority — passed a key vote in the House Financial Services Committee earlier this week. If enacted, the legislation could assign broader oversight of digital assets to the CFTC, diminishing the Securities and Exchange Commission’s role in the space.
Pham also confirmed her planned departure from public office, noting that she will transition into the private sector. She is set to be succeeded by Brian Quintez, a16z Crypto’s head of policy, pending Senate confirmation.
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