One core plank of the crypto bull thesis is that regulation will be lax under the Trump administration.
While that may prove true relative to Biden’s White House, crypto faithfuls shouldn’t think regulators will be pushovers and allow the market to run amok with suspect products.
“There is no easy street for anybody, and regulators aren’t easy. So 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,” acting Commodity Futures Trading Commission chair Caroline Pham told Yahoo Finance at the Coinbase (COIN) Annual Summit on Thursday (watch above).
“And this is where I’m talking about not twisting the law to criminalize an asset class or a technology, but I’m talking about lying, cheating, and stealing.”
Pham was designated acting CFTC chair on Jan. 20, 2025. She was sworn in as a CFTC commissioner on April 14, 2022.
The CTFC is a small but powerful agency that oversees the multitrillion-dollar derivatives market. Derivatives help businesses hedge against price swings in everything from coffee to foreign currency.
Congress could be close to passing legislation to regulate the crypto market. The CFTC stands to oversee the spot markets for bitcoin and other digital assets that don’t qualify as securities.
The CFTC has also aimed to prevent the proliferation of betting markets. Companies such as Robinhood (HOOD) and Kalshi continue to look to these markets — which allow for wagers on things like presidential elections and sports —as a future growth mechanism.
This deregulatory evolution of the CFTC may fall on the doorstep of a16z crypto policy head Brian Quintenz.
Pham and commissioner Kristin Johnson have both announced plans to depart the CFTC, potentially leaving Quintenz as the sole commissioner for a time if he receives Senate approval.
“He’s had a very clear record as a commissioner that speaks for itself, and I’m looking forward to it,” said Pham, who was previously a managing director at Citi. She added that she hasn’t yet decided on her next career steps.
Brian Sozzi is Yahoo Finance’s Executive Editor and a member of Yahoo Finance’s editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.
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