CFTC Seeks CEO Nominations for New Innovation Council: Details

The US CFTC has opened a call for chief executives to join a new advisory group aimed at discussing policy matters, including those related to crypto markets. Acting chair Caroline Pham announced that the agency will accept submissions until December 8 for what she called the “CEO Innovation Council.”

According to Pham, the new group follows earlier CFTC work related to digital assets. This include its “Crypto Sprint” project, an industry forum focused on emerging market questions, and ongoing activity in Congress on a market structure proposal. She noted that the council will pay close attention to the CFTC’s widening role in overseeing crypto activity and prediction markets.

CFTC Leadership Change May Influence Council’s Launch

The agency is ready to carry out our mission as markets and products grow, including areas related to crypto and digital assets, She added that CFTC aims to keep markets steady and fair while looking out for all who take part. To move quickly, it needs steady contact with industry leaders who are shaping what comes next, Pham explained.

The CFTC has not set a date for creating the council, but its formation may occur after a change in leadership. Pham could be replaced soon by Michael Selig, an official at the Securities and Exchange Commission. 

His nomination for a Senate-confirmed role as chair of the CFTC is expected to reach the Senate floor once lawmakers return to Washington, D.C., following the Thanksgiving recess.

Selig Outlines His Approach to Crypto Oversight

At the moment, Pham has been the only commissioner at the agency for several months. As of Tuesday, the White House had not submitted additional names to fill open seats. This leaves the CFTC with limited leadership during a period of rapid change in digital markets.

The Senate has not voted on Selig’s nomination. However, Selig’s remarks during a recent hearing before the Senate Agriculture Committee offered hints about how he may guide the agency if confirmed. 

Selig said it was important for the public to know that a regulator is watching spot digital asset commodity markets. He noted the current shortage of commissioners at the CFTC and stressed that a range of views is useful when shaping policy.

Selig’s comments suggest that he may support stronger oversight of crypto markets, if approved.