At the FIA Futures & Options Expo, Acting Chair Caroline D. Pham set out a refreshed agenda for U.S. crypto and derivatives regulation. Her focus: creating clearer rules for digital assets, tokenisation and market access while keeping market integrity and customer protection at the centre.
Regulatory Context
Pham described blockchain and tokenisation as a major shift in market infrastructure, comparable to other technology turning points in financial history. She said these technologies represent more than new tools – they change how markets operate at a structural level.
She argued that innovation grows safely through “responsible experimentation,” strong collaboration between public and private sectors, and clear regulatory frameworks. She positioned the CFTC’s current initiatives as essential for restoring US leadership in digital-asset markets.
Her agenda aligns closely with work led by the President’s Working Group on Digital Asset Markets (PWG), which aims to bring clarity and a “pro-innovation mindset.” The comments came during a period of volatility, with more than $1 trillion wiped from crypto asset values over the past six weeks.
Key Regulatory Developments
Pham highlighted several actions taken since May 2025 to reduce unnecessary burdens and clarify existing rules. These include:
- New interpretive guidance on cross-border definitions
- Updated enforcement procedures for non-U.S. entities using substituted compliance
- Proposed changes to swap dealer conduct standards
She also withdrew older proposals on swap execution facilities and parts of the operational resilience framework. She said these legacy efforts reflected “overreach” in how the CFTC originally implemented parts of the Dodd-Frank Act.
Cross-border access remains a core priority. A recent advisory reaffirmed the long-standing framework allowing foreign boards of trade to access U.S. markets if they operate in jurisdictions with comparable regulatory regimes. Pham said this avoids market fragmentation and reduces the incentive for U.S. innovators to move offshore in search of clearer rules.
Coordination between the CFTC and the SEC has also increased. Pham stated that “the turf war is over,” pointing to the first joint roundtable in 15 years and efforts to explore common definitions, reporting standards, margin rules and approaches to innovation exemptions.
Digital Assets and Tokenisation
A major component of her agenda is the CFTC’s 12-month “Crypto Sprint.” The project is built around technology-neutral, activity-based rules designed to support innovation without creating gaps or inconsistencies.
The Crypto Sprint includes three core initiatives:
- Listed spot crypto trading on a designated contract market by year-end
- Tokenised collateral, including stablecoins, with new guidance expected this year and broader use targeted for early next year
- Rule updates covering collateral, margin, clearing, settlement, reporting and recordkeeping to support blockchain-based market infrastructure (completion is expected by August 2026)
Pham described collateral management as the “killer app” for stablecoins and said the CFTC is moving from pilots to supervised use within its existing rules. Areas under review include liquidity, custody, convertibility and haircuts.
She also called for feedback on whether qualified payment stablecoins should be treated as cash or cash equivalents for margin purposes. She warned that some approaches to secured interests may conflict with goals set out in the GENIUS Act.
Implications for Market Participants
Pham encouraged clearing organisations to assess whether qualified stablecoins meet current definitions of eligible margin or settlement assets. She confirmed the CFTC may allow swap dealers, FCMs and DCOs to hold or invest customer funds in these instruments, subject to strict safeguards.
Cross-border access will also remain a priority. Pham said firms authorised under frameworks like MiFID or MiCA may be able to access U.S. markets under existing comparability arrangements, avoiding the need to “reinvent the wheel.”
Outlook
Pham closed by saying regulatory clarity and active supervision are essential to modernising the market. Embracing new technology does not mean lowering standards, she argued, it means using technology to deliver the same protections “faster, cheaper and better.”
As the Crypto Sprint advances, firms should expect guidance on stablecoins and tokenised collateral, progress on listed spot crypto trading and deeper coordination between the CFTC and SEC. Pham framed these initiatives as critical to keeping U.S. markets a global benchmark for innovation and integrity.
What Does This Mean for Your Organisation?
If you’d like clarity on what this evolving landscape means for your organisation – and how CUBE’s RegPlatform™ helps you track, interpret and act on regulatory change – reach out to our team.