Pham is currently the sole commissioner at the CFTC, and said the council will build on previous crypto initiatives to support the CFTC’s expanding mandate. The effort comes as her likely successor, SEC official Michael Selig, awaits a Senate vote. In recent testimony, Selig placed a lot of emphasis on the need for stronger federal oversight of spot digital asset markets and a more diverse, fully staffed CFTC leadership. Pham Pushes New CEO Council Acting CFTC chair Caroline Pham opened nominations for CEOs to serve on a newly proposed “CEO Innovation Council.” The goal of this body will be to help shape future policy discussions, including those related to digital assets and prediction markets, as the agency prepares for an expanded mandate. In a notice that was published Tuesday, Pham invited submissions until Dec. 8. Pham framed the initiative as a continuation of the agency’s previous digital asset efforts, including its “Crypto Sprint” program, a dedicated industry forum, and its ongoing involvement in congressional work around a comprehensive market structure bill. According to her, the new council is intended to help the CFTC “hit the ground running” as it tackles an expanded mission, ensuring markets stay “vibrant and resilient” while still maintaining strong protections for participants. She explained that tapping experts and builders directly from the industry is very essential while the CFTC broadens its oversight of crypto markets and emerging prediction-market products. The timing of the council’s formation is still uncertain, especially given the CFTC’s unusual leadership vacuum. Pham has been serving as the sole commissioner for months, and her tenure may soon end. SEC official Michael Selig has been nominated to become the Senate-confirmed chair of the CFTC, and his appointment is expected to advance to a floor vote once lawmakers return to Washington, DC after the Thanksgiving recess. Selig’s recent testimony before the Senate Agriculture Committee offered early clues to his potential regulatory philosophy. He told lawmakers it was “vitally important” to have a “cop on the beat” overseeing spot digital asset commodity markets, which suggests he is ready to form a clear, dedicated federal oversight of crypto trading activity. He also stressed that there is a need for “a diversity of viewpoints” in leadership, especially when considering that the CFTC has operated without additional commissioners and without further White House nominations from President Donald Trump. Michael Selig before the Senate Agriculture Committee His comments suggest that, if confirmed, he intends to strengthen institutional capacity around digital asset regulation and restore a more balanced and fully staffed leadership structure.
