Caroline D. Pham: “The U.S. virtual asset market is reaching a new turning point... Regulatory innovation is in full swing” [BLS Tokyo 2025]

Caroline D. Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), assessed that the United States is experiencing a new turning point in the virtual asset (cryptocurrency) sector following the inauguration of the Donald Trump administration.

At 'BLS Tokyo 2025' held in Tokyo, Japan, on the 27th, Acting Chair Pham stated, “The dozens of recommendations put forth by the presidential working group are turning the U.S. into a renewed hub of innovation and establishing an environment where entrepreneurs and projects can return.”

She further added, “Currently, the U.S. Securities and Exchange Commission (SEC) and the CFTC are working together as a team,” and explained, “The SEC is advancing 'Project Crypto', while the CFTC is pushing forward 'Crypto Sprint' respectively.”

As the first stage of Crypto Sprint, Acting Chair Pham stated, “We will allow leveraged spot virtual asset trading products to be immediately listed on CFTC-registered futures exchanges.” Whereas a separate registration procedure was previously necessary, immediate listings will now become possible.

She emphasized, “In the past, there was no clear guideline, but now we collect feedback through a consultation process, which includes technical requirements such as clearing, collateral, and margin.” This consultation will continue until October 20.

Changes in SEC regulation were also foretold. Acting Chair Pham noted, “The SEC plans to allow non-security assets to be traded on national securities exchanges, broker-dealers, and alternative trading systems (ATS), and these can also be traded on CFTC-registered exchanges.” She added, “The most suitable regulatory regime will be chosen by the market in a free competition environment.”

She also addressed the future regulatory roadmap, stating, “The upcoming announcement within 2 days, another next week, and policy pronouncements in the coming months will significantly change the U.S. digital asset regulatory landscape within the next 6 months.”