Commodity Futures Trading Commission Acting Chairman Caroline D. Pham announced her immediate departure from public service on December 22, 2025, marking the end of a tenure that spanned critical developments in financial regulation and digital asset oversight.
Pham's departure comes after serving as Acting Chairman for nearly 11 months, following her designation to the role on January 20, 2025, after President Donald J. Trump's inauguration. She originally joined the CFTC as a Commissioner on April 14, 2022, after being nominated by the President and unanimously confirmed by the U.S. Senate.
"It has been the honor of a lifetime to lead the CFTC during such a historic moment for market structure and innovation," Pham said in announcing her departure. "I am incredibly proud of the CFTC and all its dedicated staff for their hard work and commitment this year to deliver on our pledge to get back to basics and regular order."
Pham's tenure occurred during the CFTC's 50th anniversary year, a period she described as historic for market innovation. Under her leadership, the agency focused on what she called "getting back to basics and regular order" while preparing for expanded regulatory responsibilities.
The Acting Chairman emphasized the CFTC's core mission during her farewell statement, noting the agency's role in promoting "market integrity and liquidity in the commodity derivatives markets that are critical to the real economy and global trade." She highlighted the CFTC's function in ensuring American growers, producers, merchants, and other commercial end-users can mitigate business risks while supporting U.S. economic growth.
A significant focus of Pham's leadership was positioning the CFTC for expanded oversight of emerging markets and products. "This year, we also refocused on our mandate to promote responsible innovation and fair competition as the CFTC prepares to take on expanded oversight of new markets and new products like digital assets, crypto, and prediction markets," she said.
Pham's departure announcement included praise for her designated successor, Michael Selig, who will become the 16th Chairman of the CFTC. "I am thrilled to welcome Michael Selig as the 16th Chairman of the CFTC. His pragmatic, common sense approach will ensure the CFTC strikes the right balance of innovation and market integrity," Pham stated.
During her time as Acting Chairman, Pham implemented several governance reforms aimed at protecting constitutional rights and promoting due process and transparency. Her leadership focused on what the agency described as "good government" principles, with particular attention to regulatory clarity and modernization efforts.
The CFTC highlighted several accomplishments under Pham's leadership, including providing regulatory clarity, "right-sizing" regulations, promoting innovation, and ending what the agency termed "regulation by enforcement." Her administration also worked on modernizing the CFTC's operations for both efficiency and effectiveness.
Specific achievements during her tenure included addressing longstanding issues related to the Dodd-Frank Act and swaps regulation. The agency also issued what it described as a comprehensive framework for self-regulation, though details of this framework were not fully elaborated in the departure announcement.
Pham's leadership came during a period of significant change in financial regulation, particularly regarding digital assets and cryptocurrency markets. The CFTC's preparation for expanded oversight in these areas represents a major shift in the agency's responsibilities, reflecting the growing importance of digital financial products in the broader economy.
The Acting Chairman expressed gratitude for the CFTC staff's expertise and dedication in her departure statement. "I am deeply grateful for the CFTC's expertise, experience, and care in safeguarding the public's trust while championing progress, growth, and access to markets," she said.
Pham's departure occurs at a time when the CFTC faces increasing scrutiny over its role in regulating emerging financial technologies. Her emphasis on balancing innovation with market integrity reflects broader debates within financial regulation about how to oversee rapidly evolving markets while maintaining investor protection.
The transition to new leadership under Michael Selig comes as the CFTC continues to develop its regulatory framework for digital assets and prediction markets. These areas have been subjects of significant regulatory attention as federal agencies work to establish clear oversight mechanisms for emerging financial products.
Pham's tenure was marked by efforts to streamline CFTC operations and reduce regulatory uncertainty. Her focus on "regular order" and "back to basics" approaches reflected a philosophy of clear, predictable regulation rather than ad hoc enforcement actions.
The Acting Chairman's departure represents a significant transition for the CFTC as it prepares to take on expanded responsibilities in digital asset oversight while maintaining its traditional role in commodity derivatives markets. Her successor will inherit an agency positioned for broader regulatory authority in rapidly evolving financial markets.