- Acting Chair Caroline Pham has long supported a regulatory sandbox for financial firms to experiment with tokenization.
- Executives from major crypto firms, including Coinbase, Ripple, and Circle, will reportedly participate in a forum.
The US Commodity Futures Trading Commission (CFTC) is making strides toward integrating stablecoins into financial markets through a new tokenization pilot. Acting Chair Caroline Pham is spearheading the initiative, which will bring together top crypto executives to explore the potential use of digital assets as collateral. The move marks a significant step toward incorporating blockchain technology into traditional market structures.
Pham has long advocated for a regulatory sandbox that allows financial firms to experiment with tokenization in a controlled environment. Her Global Markets Advisory Committee first proposed the idea in November, but previous CFTC leadership did not move forward with it. Now, under her interim leadership, the agency is actively exploring stablecoin-backed models.
“I’m excited to announce this groundbreaking initiative for U.S. digital asset markets,” said Pham. “The CFTC is committed to responsible innovation. I look forward to engaging with market participants to deliver on the Trump Administration’s promise of ensuring that America leads the way on economic opportunity.”
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A New Push For Tokenization
The upcoming summit is expected to include executives from Coinbase, Ripple, Circle, Crypto.com, and MoonPay. The forum will discuss how blockchain infrastructure could improve collateral management. A key aspect of the proposal is leveraging distributed ledger technology (DLT ($0.00)) to reduce operational inefficiencies without requiring changes to collateral eligibility rules.
Pham, a Republican commissioner, has already implemented major changes at the CFTC since stepping in for former Chairman Rostin Behnam. Her tenure has included a shake-up of senior agency officials, as well as a public response to internal controversies. While the date for the CEO forum has not yet been announced, the initiative signals a potential shift in how digital assets are treated in US financial markets.
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