The Commodity Futures Trading Commission (CFTC) has appointed new members to its Global Markets Advisory Committee (GMAC) and its subcommittees, incorporating several leaders from the crypto industry into the Digital Asset Markets Subcommittee (DAMS)—a move that highlights the regulator’s ongoing engagement with this sector.
CFTC Acting Chair Caroline D. Pham announced 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.
Moreover, Scott Lucas, head of digital assets at JPMorgan, has been appointed co-chair of DAMS alongside Sandy Kaul, executive vice president at Franklin Templeton, succeeding Caroline Butler, the former co-chair.
“We are eager to collaborate with the Commission and industry partners to help establish clear and effective regulatory frameworks in a well-structured digital asset market,” Lucas remarked in a statement.
Kaul emphasized her goal of advancing digital asset innovation into mainstream markets “with well-conceived consumer protections, enabling greater efficiencies and opportunities for all investors.”
Established to provide the CFTC with expert guidance on cryptocurrency, blockchain, and tokenized markets, DAMS advises the agency on risks and opportunities, formulates policy recommendations, and strives to connect traditional finance with decentralized finance.
Pham was appointed Acting Chair of the CFTC on President Donald Trump’s inauguration day in January, having served as a Commissioner since April 2022. Her current term as commissioner extends until April 2027, allowing her to remain until a permanent chair is designated.
Related: US Senate Democrats propose competing framework for crypto market structure
Wall Street reinforces its blockchain commitment as industry-friendly regulations emerge
The latest appointments highlight the growing connection between traditional and decentralized finance, showcasing significant engagement from Wall Street firms recognizing opportunities in tokenized real-world assets, stablecoins, and settlement infrastructure.
BNY Mellon has aggressively moved into tokenized money-market funds through a partnership with Goldman Sachs, enabling its clients to access money-market products with ownership recorded on Goldman’s private blockchain.
JPMorgan is also exploring stablecoins and crypto-backed lending. According to a report in the Financial Times, some insiders noted that CEO Jamie Dimon’s previous comments on Bitcoin (BTC) and blockchain have strained relationships with certain clients.
Adoption is progressing amid favorable regulations, following President Trump signing the GENIUS Act into law, and the House of Representatives passing both the market-structure and anti-CBDC bills, which now proceed to the Senate for consideration.
Simultaneously, the CFTC is aligning with the White House’s pro-crypto stance. Acting Chair Pham has initiated a “Crypto Sprint” to implement recommendations from the President’s Working Group on Digital Asset Markets. A key objective is to clarify the jurisdictional responsibilities over digital assets between the CFTC and the Securities and Exchange Commission (SEC).
Related: Crypto Biz: Rails, rigs and regulation — the new crypto economy
