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Former acting chairman of the Commodity Futures Trading Commission Caroline Pham says Washington does not need to pass new laws regulating digital assets. Caroline Pham spoke at TOKEN2049 Singapore about the Commodity Exchange Act.
Her statements follow proposed CFTC rules for retail crypto derivatives trading released on October 5. Proposed legislation related to crypto, the CLARITY Act, stalled in September.
- Why Existing CFTC Authority Matters for Crypto
- Tokenized Deposits and Stocks Enter the Debate
Why Existing CFTC Authority Matters for Crypto
Pham said that the broad commodity definition in the law includes electronic goods and other new products. Onions and movie tickets are two products specifically exempt from the law. Pham also said artificial intelligence computer products may be included.
There are limits to commodity classification; even if the underlying is classified as a commodity, not all futures contracts involving that underlying are regulated by the CFTC. Other regulated activities and investment-related scams affect consumers.
Current CFTC chair Michael Selig also pointed out differences between authorities granted by current law and those that would require new legislation. Congress could enact a law requiring all exchanges to register, although existing laws may regulate some current retail market participants.
The October 5 rule proposals, Regulation CTX and Regulation CAM, would impose requirements on leveraged and margined crypto asset transactions and investments by retail investors. Regulatory options for these activities include registered crypto asset marketplaces and creation of a new designated contract market. These rule proposals are open for comment and may change.
Pham proposed additional regulations for crypto exchanges to protect American consumers. Other policy actions by Pham include launching the Crypto Sprint program in August 2025, covering spot trading, perpetuals and SEC coordination.
Tokenized Deposits and Stocks Enter the Debate
Pham also questioned whether stablecoins alone can serve wholesale settlement. She estimated that immediately settling a full trading day onchain might require roughly $15 trillion in cash, not an official requirement.
She favors tokenized bank deposits for institutions because they could preserve banking relationships and net settlement practices. Stablecoins, in her view, remain useful when counterparties need simultaneous asset and payment transfers.
MoonPay, where Pham serves as chief legal and administrative officer, launched MoonPay Trade in June 2026 to support institutional access to blockchain networks and digital asset settlement.
Looking ahead, Pham predicted meaningful trading in genuine tokenized shares on NYSE and Nasdaq by around 2028. Unlike synthetic price-tracking tokens, these instruments would retain shareholder rights, including voting.
The SEC granted conditional, temporary relief for eligible tokenized stock venues in September. Nasdaq is working with Kraken parent Payward on equity tokens targeted for the second quarter of 2027, while an ICE–OKX initiative seeking approval covers shares in 63 NYSE-listed companies. Both require regulatory clearance.
Pham also suggested clearer rules could encourage NFTs for memberships and loyalty programs. Her forecasts are not confirmed launch commitments.
Source: bitcoinfoundation.org