There Is No ‘Easy Road’ For Regulation Despite CFTC’s Pro-Growth Stance, Commissioner Caroline Pham Says

CFTC Cryptocurrency Regulation

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June 13, 2025

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Caroline Pham, the current Acting Chair of the Commodity Futures Trading Commission (CFTC), says there will be no “easy road” ahead despite the regulator taking a new “pro-innovation” stance toward digital assets.

Caroline Pham Throws Cold Water on Bad Actors in New Remarks

Speaking with Yahoo Finance at the Coinbase 2025 State of Crypto Summit in New York City on Thursday, Pham clarified that just because members of the cryptocurrency community are bullish about the agency’s new growth-friendly stance does not mean the agency will let bad actors off easy.

“There is no easy street for anybody, and regulators aren’t easy,” Pham said. “Just because we are pro-innovation and pro-growth does not mean that you’re going to get away with breaking the law. This is where I’m talking about not twisting the law to criminalize an asset class or technology, but I’m talking about lying, cheating, or stealing.”

“Fraud is always illegal,” she added. “Those are criminals who deserve to be caught, punished, and held accountable.”

Pham also expressed her enthusiasm for U.S. President Donald Trump’s pick to spearhead the CFTC, Brian Quintenz, as he makes his way through the nomination process.

“I’m so excited for Brian to come and for him to come and bring his leadership to the CFTC,” Pham said.

The CFTC Faces Drastic Departures of Officials

Pham’s comments come as the federal watchdog faces a major staffing shakeup. Four CFTC commissioners have announced their departure in recent months under the new Trump administration.

In May, former Commissioner Summer Mersinger left the agency to take on a new role as CEO of the Blockchain Association.

Meanwhile, Pham herself is set to depart the CFTC once Quintenz formally begins his tenure sometime this year.

No future CFTC commissioners have been announced by Trump, though given the aforementioned officials’ upcoming exits, it appears highly likely that he will do so in the near future.