The Commodity Futures Trading Commission (CFTC) has appointed new members to its Global Markets Advisory Committee (GMAC) and subcommittees, adding several crypto industry leaders to the Digital Asset Markets Subcommittee (DAMS) — a move that underscores the regulator’s continued engagement with the sector.
CFTC Acting Chair Caroline D. Pham named four new DAMS members: Katherine Minarik, chief legal officer at Uniswap Labs; Avery Ching, co-founder and chief technology officer of Aptos Labs; James J. Hill, managing director and head of structure innovation at BNY; and Ben Sherwin, general counsel at Chainlink Labs.
In addition, Scott Lucas, head of digital assets at JPMorgan, was appointed co-chair of DAMS alongside Sandy Kaul, executive vice president at Franklin Templeton. They succeed Caroline Butler, who previously served as co-chair.
“We look forward to working with the Commission and broader industry partners to help shape clear and effective regulatory frameworks in a well-structured digital asset market,” Lucas said in a statement.
Kaul added that she aims to continue advancing digital asset innovation into the mainstream “with prudent and well-designed consumer protections, enabling greater efficiencies and opportunities for all investors.”
Source: Caroline D. Pham
Created to provide the CFTC with expert guidance on cryptocurrency, blockchain and tokenized markets, the DAMS advises the agency on risks and opportunities, develops policy recommendations, and works to bridge traditional and decentralized finance.
Pham was designated Acting Chair of the CFTC on President Donald Trump’s inauguration day in January, having served as a Commissioner since April 2022. Her current commissioner term runs until April 2027, allowing her to remain in the role until a permanent chair is appointed.
Related: US Senate Democrats offer competing framework for crypto market structure
Wall Street deepens its blockchain bet as pro-industry regulation takes hold
The latest appointments underscore the growing bridge between traditional and decentralized finance, highlighting strong engagement from major Wall Street firms that see opportunities in tokenized real-world assets, stablecoins and settlement infrastructure.
BNY Mellon has pivoted aggressively into tokenized money-market funds through a partnership with Goldman Sachs, enabling BNY clients to access money-market products with ownership recorded on Goldman’s private blockchain.
JPMorgan is also among Wall Street companies exploring stablecoins and crypto-backed lending. According to a July report in the Financial Times, some insiders said CEO Jamie Dimon’s past remarks on Bitcoin (BTC) and blockchain had strained relationships with certain clients.
Adoption is advancing against a backdrop of favorable regulation, with President Trump signing the GENIUS Act into law and the House of Representatives passing both the market-structure and anti-CBDC bills, which now move to the Senate for consideration.
President Trump signs the GENIUS Act into law. Source: The White House
At the same time, the CFTC is aligning with the White House’s pro-crypto agenda. Acting Chair Pham has launched a “Crypto Sprint” to implement recommendations from the President’s Working Group on Digital Asset Markets. A central goal is clarifying how jurisdiction over digital assets will be divided between the CFTC and the Securities and Exchange Commission (SEC).
“Recommendations for clarifying CFTC and SEC jurisdiction were included in the July report ‘Strengthening American Leadership in Digital Financial Technology,’ released by the President’s Working Group on Digital Asset Markets. Source: The White House
Related: Crypto Biz: Rails, rigs and regulation — the new crypto economy
