- Caroline Pham said pro-growth policies will not let crypto avoid rules or mislead investors.
- She said the CFTC now targets real scams, rather than digital assets or blockchain itself.
- Pham believes mass crypto use will make future bans hard because the public will not accept it.
Acting CFTC Chair Caroline Pham made it clear Thursday that a relaxed White House stance will not shield crypto firms from enforcement. Speaking at the Coinbase Annual Summit, Pham said regulators will not allow “lying, cheating, and stealing” under the guise of innovation. She insisted no firm should expect shortcuts under the Trump administration’s pro-growth and pro-innovation approach to digital assets.
Regulators Refocus on Lawful Innovation
At the Coinbase Summit, Pham explained that the Commodity Futures Trading Commission would continue targeting bad actors in crypto markets. She stated clearly that support for innovation doesn’t mean tolerance for illegal activity or unethical behavior. Pham said, “There is no easy street for anybody, and regulators aren’t easy.”
She clarified that enforcement now prioritizes fraud prevention, not punishing the asset class or technology itself. Pham added, “Just because we are pro-innovation and pro-growth does not mean that you’re going to be able to get away with breaking the law.” Her comments underscore a shift from past practices, moving decisively away from “regulation by enforcement.”
According to Pham, the Biden administration overreached by stretching legal definitions to target digital assets, harming traditional derivatives and foreign exchange markets. She said, “When we start to change the rules for global derivatives markets because we’re trying to be creative and ‘flex it’ to go after what we perceive to be bad or evil—crypto or blockchain—that is really breaking the fabric of our global markets.”
Uberizing Crypto and the Path to Public Acceptance
Pham also expanded on her term “uberizing crypto,” which refers to the deep integration of digital assets into daily life. She stated that widespread adoption would render bans politically unfeasible. “When something becomes so big, so accepted, so part of our lives, you can’t really take it away then,” she explained.
Her vision includes digital assets becoming essential public tools, making government crackdowns nearly impossible due to public resistance. She pointed to Uber as an example of irreversible change, driven by widespread user dependency and political pushback against restrictions.
Related: Hyperliquid Token Hits $36 After CFTC Talks Spark Rally
Besides focusing on fraud and adoption, Pham addressed future leadership at the CFTC. She confirmed plans to step down, stating she would transition to the private sector. Her role is expected to be filled by Brian Quintez, head of crypto policy at Andreessen Horowitz, pending a Senate vote.
