Acting CFTC Chair Caroline Pham has made it clear this week, the crypto industry isn’t getting a free pass just because of a more lenient stance from the President Donald Trump administration.
“There is no easy street for anybody,” Pham said during an interview at the Coinbase Annual Summit. “And regulators aren’t easy.”
CFTC’s Pham: Crypto Won’t Get a Free Pass Under Trump
She emphasized that being pro-innovation doesn’t mean ignoring the law. “Just because we are pro-growth does not mean you’re going to be able to get away with breaking the law,” she warned. “I’m not talking about targeting technology or criminalizing crypto. I’m talking about the basics — lying, cheating, and stealing.”
Pham said the CFTC is shifting its focus toward going after bad actors in the space, rather than taking a blanket enforcement approach to crypto. “I’m proud we’ve been able to end the era of regulation by enforcement and instead concentrate on rooting out fraudsters and scammers in our markets,” she added.
While addressing the broader political climate, Pham criticized the Biden administration’s approach to crypto regulation. She argued that it went beyond the legal limits of the statute and caused collateral damage in traditional markets like derivatives and forex.
“When regulators start changing the rules of global derivatives markets just to fit a narrative or go after crypto and blockchain, we’re breaking the fabric of our financial system,” she said.
Pham also expanded on her earlier comment about “uberizing crypto.” She explained the idea as making digital assets so integrated into everyday life that outlawing or severely restricting them becomes politically unfeasible.
“Once something becomes essential to daily life, people won’t let it be taken away,” she said. “Just like ride-sharing changed how we move, crypto could change how we store and transfer value.”
Her remarks came days after the CLARITY Act, which is a major crypto market structure bill, advanced through the House Financial Services Committee. The bill aims to settle the ongoing turf war between the SEC and the CFTC over who regulates what in crypto. It is widely expected to give more power to the CFTC.
Pham also hinted at her next move, confirming she plans to leave the agency for the private sector. Brian Quintez, currently with Andreessen Horowitz (a16z), is expected to succeed her, pending Senate approval.
Meanwhile, Coinbase CEO Brian Armstrong responded positively to Pham’s remarks. “We need clear, comprehensive regulation,” he posted on X. He added that Congress should pass the CLARITY and GENIUS Acts as 52 million Americans in crypto are counting on it.
We need a comprehensive regulatory framework for all types of digital assets. Congress should pass the CLARITY Act along with the GENIUS Act into law. 52 million American crypto owners are counting on it. https://t.co/MxOjxOxq0z
— Brian Armstrong (@brian_armstrong) June 13, 2025
Also Read: Stablecoin Market Hits Record $228B as US Senate Advances GENIUS Act
