The Commodity Futures Trading Commission (CFTC) has recently appointed new members to its Global Markets Advisory Committee (GMAC) and its subcommittees, including the Digital Asset Markets Subcommittee (DAMS). This move signals the regulator's continued engagement with the digital asset sector.

Acting Chair of the CFTC, Caroline D. Pham, announced the new DAMS members, which include: Katherine Minarik, chief legal officer at Uniswap Labs; Avery Ching, co-founder and chief technology officer at Aptos Labs; James J. Hill, managing director and head of structure innovation at BNY; and Ben Sherwin, general counsel at Chainlink Labs.

In addition to the new members, Scott Lucas, head of digital assets at JPMorgan, and Sandy Kaul, executive vice president at Franklin Templeton, have been appointed as co-chairs of DAMS. They are succeeding Caroline Butler, who previously served as co-chair. Lucas stated that he looks forward to collaborating with the Commission and industry partners to establish clear and effective regulatory frameworks for a well-structured digital asset market. Kaul added that her goal is to continue to push digital asset innovation into the mainstream with consumer protections and well-designed frameworks, which will enable more efficiencies and opportunities for investors.

The Digital Asset Markets Subcommittee advises the CFTC on the risks and opportunities presented by cryptocurrency, blockchain, and tokenized markets. It also develops policy recommendations and aims to bridge the gap between traditional and decentralized finance.

These appointments are expected to strengthen the global market structure and digital asset regulation. The GMAC participates in the CFTC's policy decisions and serves in an advisory role during discussions about digital asset regulation.

This announcement comes at a time when regulatory clarity regarding digital assets is highly sought after. In July, the President's Working Group on Digital Asset Markets released a report titled "Strengthening American Leadership in Digital Financial Technology," which included recommendations for clarifying the jurisdiction of the CFTC and the Securities and Exchange Commission (SEC) over digital assets. Acting Chair Pham has also launched a "Crypto Sprint" to implement recommendations from the President's Working Group.

The CFTC's continued focus on digital assets is evident through these appointments and initiatives. However, the agency is facing some internal challenges. Kristin Johnson, the sole Democratic commissioner, stepped down from the CFTC effective September 3, 2025. Johnson's departure leaves the agency with only one commissioner, Acting Chairman Caroline Pham. Pham has also announced her intention to leave the agency once a permanent Chairman is confirmed. President Trump has nominated Brian Quintenz for the position, but the Senate has not yet confirmed his nomination.

Johnson, who was appointed in 2022, was an advocate for stronger consumer protections in cryptocurrency markets. She warned of the risks of fraud and market manipulation in digital asset trading and called for comprehensive oversight. In her departure statement, Johnson raised concerns about the agency's ability to fulfill its mission due to staff reductions and potential budget cuts.