Former Commodity Futures Trading Commission (CFTC) Acting Chair Caroline Pham emphasized the broad regulatory reach of the CFTC, stating that the Commodity Exchange Act covers nearly everything except onions and movie box office receipts. Pham, now serving as chief legal officer at MoonPay, made these remarks during an interview at Token2049 Singapore. She highlighted the flexibility of the CFTC's principles-based framework, which she believes can adapt to new commodities, including AI compute markets.
The CFTC, under Chairman Michael Selig, has been proactive in issuing proposed rulemakings for the crypto sector, including the recent advanced notice on Regulation CAM and Regulation CTX. These proposals aim to create a federal framework for leveraged retail crypto transactions. Pham noted that this initiative aligns with the CFTC Crypto Sprint she launched in 2025, which authorized the first-ever trading of spot crypto on CFTC-registered exchanges.
Pham also discussed the role of stablecoins and tokenized deposits in wholesale markets, arguing that stablecoins are more useful in scenarios involving untrusted counterparties. She estimated that atomic settlement of a single trading day would require approximately $15 trillion in cash, an amount that does not exist. Tokenized deposits, she said, will be essential for managing such volumes through net settlement.
Looking ahead, Pham predicted that the New York Stock Exchange and Nasdaq will list tokenized shares of companies within the next two years. She distinguished these 'real' tokenized equities from synthetic tokens, emphasizing the importance of voting rights and shareholder governance. Pham also anticipated a resurgence of NFTs once regulatory clarity improves, framing them as tools for customer engagement rather than securities.