Caroline Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), issued a sharp warning to the digital asset industry during her appearance at Coinbase’s State of Crypto Summit: regulatory support under the Trump administration does not imply leniency.
“There is no easy street for anybody, and regulators aren’t easy,” Pham said.
“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.”
Pham emphasized that while the CFTC is committed to fostering innovation, it remains equally focused on upholding enforcement priorities. Her comments come as federal agencies reevaluate their crypto stance amid a broader regulatory shift. But Pham was clear: pro-growth policies will not shield bad actors.
“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,” she added.
By drawing a firm line between promoting innovation and tolerating misconduct, Pham reinforced the CFTC’s role as a watchdog—not a cheerleader—for the evolving crypto economy.
Pham Criticizes Biden Policies, Calls for Crypto “Uberization”
CFTC Acting Chair Caroline Pham did not mince words when critiquing the prior administration’s crypto oversight, arguing that Biden-era rules strayed from legal foundations and disrupted broader financial markets.
“When we start to change the rules for […] global derivatives markets because we’re trying to be creative and ‘flex it’ to go after what we perceive to be bad or evil — crypto or blockchain — that is really breaking the fabric of our global markets,” Pham warned.
She also elaborated on her now-viral idea of “Uberizing crypto,” explaining that blockchain-based tools must become so deeply integrated into daily life that efforts to dismantle them would prove politically untenable.
“When something becomes so big, so accepted, so part of our lives, you can’t really take it away then. The public, the people, voters, they won’t let you,” Pham said.
Leadership Shakeup as Crypto Clarity Bill Advances
Acting CFTC Chair Caroline Pham’s remarks coincided with renewed progress on crypto legislation. On Tuesday, the House Financial Services Committee advanced the long-awaited CLARITY Act, which seeks to establish clear lines between the SEC and the CFTC regarding digital asset regulation.
If passed, the bill is expected to expand the CFTC’s oversight of crypto markets—potentially resolving years of jurisdictional conflict between agencies.
Amid this momentum, Pham announced that she would step down and return to the private sector. Her expected successor is Brian Quintez, a former CFTC commissioner and current policy head at a16z Crypto. His nomination is now pending Senate confirmation.
Quick Facts
- Pham says regulators remain strict despite pro-growth policies.
- She criticized Biden-era rules for disrupting broader markets.
- “Uberizing crypto” means embedding it into daily public life.
- The CLARITY Act would expand CFTC oversight on crypto.
