The US Commodity Futures Trading Commission (CFTC) has named some crypto leaders as new members to its Global Markets Advisory Committee (GMAC) and its Digital Asset Markets Subcommittee (DAMS).
Key Takeaways:
The CFTC has added top crypto and Wall Street figures to its Digital Asset Markets Subcommittee. JPMorgan’s Scott Lucas and Franklin Templeton’s Sandy Kaul were named co-chairs. The CFTC is pushing forward with a “Crypto Sprint” and broader efforts to clarify jurisdiction alongside the SEC.Among the latest appointees to DAMS are Katherine Minarik of Uniswap Labs, Avery Ching of Aptos Labs, James J. Hill of BNY, and Ben Sherwin of Chainlink Labs, key figures in blockchain infrastructure, legal policy, and institutional crypto strategy.
The appointments signal the CFTC’s continued push to incorporate industry expertise into policymaking around digital assets.
JPMorgan and Franklin Templeton Executives Named Co-Chairs of CFTC Crypto Subcommittee
JPMorgan’s Scott Lucas has been named co-chair of the subcommittee, joining Franklin Templeton’s Sandy Kaul. They replace Caroline Butler in the role.
Lucas emphasized the importance of shaping “clear and effective regulatory frameworks” for digital markets, while Kaul highlighted the need to expand digital asset access with “well-designed consumer protections.”
DAMS was established to guide the CFTC on developments in blockchain, tokenization, and decentralized finance.
It plays a central role in evaluating market risks, recommending policy changes, and supporting the agency’s goal of harmonizing oversight across financial sectors.
The new appointments come under the leadership of Acting CFTC Chair Caroline D. Pham, who assumed the role in January 2025.
With a commissioner term running through 2027, Pham has launched a “Crypto Sprint” aimed at executing key recommendations from the President’s Working Group on Digital Assets.
The initiative also aims to address the overlapping authority between the CFTC and the SEC.
Wall Street institutions have shown increased interest in tokenized finance. BNY Mellon recently partnered with Goldman Sachs to tokenize money-market funds, while JPMorgan continues to explore crypto-backed lending and blockchain-based settlement.
The regulatory momentum comes as President Donald Trump signs the GENIUS Act into law and champions crypto-friendly legislation in Congress.
The House has already passed bills focused on market structure and banning a central bank digital currency (CBDC), with both measures now awaiting Senate review.
Together, these developments mark a decisive shift in US regulatory posture, with the CFTC expanding its role as a key player in shaping the future of crypto finance.
Crypto Bill Redefines SEC-CFTC Roles, Shields DeFi Developers
A newly revised draft of the Responsible Financial Innovation Act of 2025 outlines a clearer regulatory framework for digital assets in the US, aiming to reduce conflict between the SEC and CFTC.
The bill proposes a Joint Advisory Committee on Digital Assets, with both agencies required to publicly respond to its findings, a move intended to boost transparency and coordination. A public roundtable on the topic is scheduled for September 29.
The draft includes explicit protections for DeFi developers, validators, wallet builders, and infrastructure contributors, so long as the underlying protocol is not centrally controlled.
Additionally, the bill redefines how common crypto activities are treated under securities laws.
Airdrops, staking rewards, and DePIN tokens are categorized as “gratuitous distributions” rather than securities.
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