Update (8:44 pm UTC): This article has been updated to reflect the CFTC elected Commissioner Pham as acting chair.
US Commodity Futures Trading Commission (CFTC) member Caroline Pham will become acting chair of the financial regulator after a vote among commissioners.
In an announcement shared with Cointelegraph on Jan. 20, a representative of Commissioner Pham said she would replace former CFTC Chair Rostin Behnam temporarily until President Donald Trump could nominate a permanent head of the regulator whom the Senate could confirm.
She has been serving as a CFTC commissioner since April 2022 after being nominated by former US President Joe Biden.
“I’m humbled to lead the CFTC as Acting Chairman,” said Pham. “It is an honor to be entrusted to serve the American people during this pivotal time.”
Behnam announced in January that he planned to step down as chair on the day of Trump’s inauguration, but will continue to work at the regulator until Feb. 7. Though any new CFTC commissioner or chair would need to be confirmed by a majority of lawmakers in the US Senate after hearings, Trump has the authority to appoint temporary replacements under the Federal Vacancies Reform Act.
As a CFTC commissioner, Pham has called on the government to address crypto regulation and proposed initiatives to protect investors.
It’s unclear what roles the CFTC and Securities and Exchange Commission (SEC) will have in regulating crypto under the Trump administration, with many US lawmakers suggesting they plan to pass legislation establishing a market framework.
Related: CFTC mulling probe of Crypto.com over Super Bowl contracts: Report
Trump took the oath of office as US president on Jan. 20 but notably did not mention digital assets or blockchain technology in his acceptance speech. In one of his last acts as a private citizen before assuming office, he and his wife, Melania, announced the launch of memecoins, which critics claim allow anyone to funnel money indirectly into the first family’s pockets.
US crypto regulation under Donald Trump
The appointment of Pham is one of many actions potentially affecting the crypto industry Trump is expected to take on his first day in office. The US president said he intended to nominate former SEC Commissioner Paul Atkins to replace Gary Gensler as chair of the financial regulator — Gensler officially stepped down on Jan. 20.
In May 2024, Trump promised to commute the sentence of Silk Road founder Ross Ulbricht, and reports have suggested he plans to sign at least one executive order related to crypto or blockchain.
The White House is expected to announce what executive orders Trump will sign on Jan. 20, but reports suggested the number would be “close to 100.”
Follow Cointelegraph’s live blog as Donald Trump takes the oath of office on Jan. 20.
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