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source:Remarks by Caroline D. Pham, Acting Chairman of the US CFTC, at the Joint Roundtable for SEC and CFTC Regulatory Coordination Work;Compiled: bitchain vision
Thanks to Chairman Atkins and your team for hosting the CFTC today.I would like to express my special thanks to Ileana Ciobanu, Phil Raimondi and Taylor Asher of the Securities and Exchange Commission (SEC) and Abigail of the Commodity Futures Trading Commission (CFTC) for your hard work in preparing for today’s historic event – I think this is the first time that the SEC and the CFTC jointly held a roundtable in nearly 15 years since the Dodd-Frank Act was enacted.I think everyone will think that the interval is too long.Because working together can be more efficient.
This is a new day.This battle for the territory has ended.Can we take some time to review how much progress we have made under the leadership of this administration?
The CFTC and the SEC have a long and rich history of cooperation, dating back to the Shad-Johnson accord in 1981, or I like to call it the Johnson Shad-Johnson accord.The agreement was named after the then two agency chairmen, who jointly addressed an important jurisdictional issue.
When I was a law intern at the CFTC law enforcement, I took the derivatives regulation course at George Washington University School of Law, and my professor was former CFTC president Philip McBride Johnson — yes, that Johnson.He also wrote authoritative textbooks on the CFTC and its jurisdiction.I often say that we must remember history in order to understand the direction of the future.I’m glad we will open the episode with a special discussion on the shared history of the SEC and CFTC.Today’s roundtable also upholds the same spirit, with the two agency chairmen working together to actively resolve jurisdiction issues.
Over the years, our institutions have had many opportunities to work together to serve our common market participants and to benefit the capital market that the world envies.
There is no doubt that since we all regulate the financial markets,The regulatory routes of the two institutions are not always clear and intuitive.Sometimes this can cause unnecessary friction between the two institutionsand bring avoidable trouble to the public who rely on us to maintain the normal operation of the market.An effective way to solve these problems is to work together.Unfortunately, the SEC and CFTC have not always responded to this call in recent years.
Shortly after being sworn in as a CFTC member in 2022, I published an op-ed article in collaboration with SEC member Hester Peirce calling for strengthening cooperation between the two agencies.We hope to host a joint roundtable like today, or restart the long-sheld joint CFTC and SEC advisory committee to address emerging regulatory issues.Unfortunately, our cooperation proposals have not been adopted.
In recent years, the relationship between our two institutions can be said to be competition rather than cooperation.This is not what this administration wants, nor is it what we want, nor is it the best way to serve the American people who depend on us.Therefore, I am very pleased that our two institutions can work together again and cooperate better to achieve mutual benefit and win-win results in our financial market.
I am very grateful to have a colleague who is in charge of the SEC and is committed to working with the CFTC to ensure that we provide the highest level of service to the market and the American people.We are coordinating regulatory frameworks and rule requirements as much as possible to eliminate excessive and unnecessary costs and support responsible innovation and fair competition.
Everyone has seen it, oursOrganizations are working to implement recommendations from the President’s Digital Assets Markets Working Group, such as the SEC’s Project Crypto and the CFTC’s Crypto Sprint.But why stop there?usBetween institutionsStrengthening coordination promises to improve efficiency, promote innovation, eliminate jurisdictional ambiguity, and enhance market access and freedom of choice for consumers and investors.
This is the theme of today’s roundtable.Please imagine that if you want, you can start with a blank piece of paper.Building a market structure that is most suitable for liquidity (volume and capital flow) and capital efficiency.I hope this is the question we are going to discuss at the roundtable today.What is the best and optimal market structure for market participants, for users who are most likely to benefit from modernization, especially for investors?
usMany of the market structure innovations to be discussed today have been around the CFTC market for some time – 24/7 or extended trading hours, perpetual contracts, forecasting markets, and of course, crypto asset markets.I am proud of the CFTC’s long-standing dual mission of promoting responsible innovation and fair competition, and pay tribute to all the staff of the CFTC over the decades – and the many former CFTC chairmen and committee members you will hear today, who have passed on this tradition and pride to this day.
Since cryptocurrencies are on the agenda, I would like to take this opportunity to clarify some of the recent FUD (fear, uncertainty and doubt) sentiment surrounding the CFTC and its functioning.Let me share with you some statistics on CFTC actions since this administration took office.
From 20 January 2025 to 3 September 2025, the Commission has taken a total of 18 actions (excluding law enforcement actions).Three of them are related to rule formulation, six involve market supervision and registration matters, and the rest involve administrative matters.During the same period, the Commission also took 13 enforcement actions and of course dozens of actions taken by staff during my acting chair.
Since 4 September 2025, the Commission has taken 11 non-enforcement actions in just a few weeks.Five of them are related to rule formulation, three involve market supervision and registration matters, and the rest are administrative matters.In the past few weeks alone, we have taken 14 enforcement actions – again, during my time as Acting Chairman.These 14 enforcement actions were compared with 13 enforcement actions taken between January 20 and September 3.
As you can see, the CFTC has taken nearly the same number of regulatory and administrative measures in about three weeks and has more enforcement actions than in the previous seven months.CFTC is still working well, so there is no need to worry about the CFTC’s work anymore.
in conclusion
Our financial markets are essential to inspire growers, producers and innovators in the United States, and these are the key to driving economic growth and prosperity.As regulators, we must do our best to eliminate unnecessary obstacles in the market to enhance our ability to reach our full potential in the economy.As long as we work together, we have the opportunity to bring real value to our market and its people, the American people.I look forward to today’s panel discussions on how we have come to where we are today and how we can better collaborate to promote platform innovation, create more opportunities for customers and investors, while maintaining market security and resilience for everyone.
