CFTC’s Acting Chair Unveils CEO Innovation Council: Who’s Shaping the Future of Finance?
The U.S. Commodity Futures Trading Commission just pulled back the curtain on its new CEO Innovation Council—and the guest list reads like a who’s who of finance’s digital frontier.
Who's In The Room?
Forget stuffy regulators in gray suits. This council taps directly into the C-suites of crypto exchanges, blockchain infrastructure firms, and traditional finance giants dipping their toes into digital assets. The message is clear: the CFTC wants to hear from the builders, not just the lawyers.
Why This Council Cuts Through the Noise
Regulatory innovation often moves at a glacial pace—especially when it involves trillion-dollar markets. This council bypasses the usual bureaucratic feedback loops. It creates a direct line between the architects of new financial technology and the agency tasked with overseeing it. No more guessing games about regulatory intent.
The Real Test: Action Over Advisory
Advisory panels are a dime a dozen in Washington. The real test for this one won’t be the quality of its quarterly reports, but whether its insights actually translate into clearer rules of the road. The crypto industry has been begging for regulatory clarity for years, often while writing checks to lobbyists who promise it. Now, they have a seat at the table. The question is whether the table is set for a real meal or just another round of canapés and conversation.
This move signals a pivotal shift. The CFTC isn't just watching the digital asset revolution—it's actively recruiting its generals to help draft the battle plans. Whether this leads to smarter regulation or just smarter regulatory capture remains to be seen. After all, in finance, the most innovative product is often a loophole dressed up as compliance.
The first round of participants
The council’s early members were gathered quickly over two weeks, according to the agency. The initial list of members includes executives from traditional exchanges and digital-asset platforms:
- Shayne Coplan, CEO, Polymarket
- Craig Donohue, CEO, Cboe Global Markets
- Terry Duffy, Chairman and CEO, CME Group
- Tom Farley, CEO, Bullish
- Adena Friedman, Chair and CEO, Nasdaq
- Luke Hoersten, CEO, Bitnomial
- Tarek Mansour, CEO, Kalshi
- Kris Marszalek, CEO, Crypto.com
- David Schwimmer, CEO, LSEG
- Arjun Sethi, Co-CEO, Kraken
- Jeff Sprecher, CEO, Intercontinental Exchange (ICE)
- Tyler Winklevoss, CEO, Gemini
The CFTC shared that it is still reviewing additional applications and may expand the council.
Under Pham’s leadership, the agency has accelerated work on the digital asset market structure. Recent moves include a pilot program allowing crypto collateral in derivatives markets and Bitnomial’s launch of Leveraged spot crypto trading.
These initiatives fall under the CFTC’s broader “Crypto Sprint,” running through August 2026, which examines listed spot crypto trading, tokenized collateral, stablecoins, and blockchain-based market infrastructure.
Leadership changes
The announcement comes amid notable leadership transitions at the commission. In October, the U.S. President Donald TRUMP appointed Mike Selig as the CFTC’s next permanent Chair, aligning with the administration’s effort to strengthen the U.S. position in digital-asset policy.
Selig is well known for his crypto regulatory work, having served as Chief Counsel of the SEC’s Crypto Task Force and previously worked at the CFTC under former Chairman Chris Giancarlo, known as “Crypto Dad.”
In January, President Trump had elevated Pham, then a Junior Commissioner, to Acting Chair, and the commission confirmed her in that role. Pham is expected to hand over leadership once the Senate votes on Selig’s confirmation. If approved, he will step into an agency already deeply engaged in a wide set of crypto-focused policy projects initiated during her tenure.
CTFC’s recent moves
The CFTC has also made two major crypto moves this week. First, it launched a three-month pilot allowing Bitcoin, Ether, and USDC to be used as margin collateral in U.S. derivatives markets.
Futures Commission Merchants, firms that facilitate futures trading for clients, can now accept these assets under strict weekly reporting and risk-control requirements, marking a significant shift from the agency’s earlier restrictions on crypto collateral.
Additionally, the CFTC also approved spot cryptocurrency trading on U.S.-regulated exchanges for the first time. Bitnomial will launch the first product, a Leveraged Spot Digital Asset, next week. Pham said the decision follows directives from President Trump and coordination with the Securities and Exchange Commission.
Together, these steps signal the agency’s push to bring more crypto activity into regulated U.S. markets while adding clearer rules around collateral, settlement, and customer protection.
Also Read: Fed’s 25 BPS Rate Cut Triggers Sharp Reactions in Crypto Markets
