Key Highlights
- The CFTC names its first group of executives to join the new CEO Innovation Council, focused on evolving derivatives markets.
- The council will guide CFTC policy on tokenization, crypto assets, perpetual futures, prediction markets, and 24/7 trading.
- Early members include leaders from major exchanges such as CME, Cboe, Nasdaq, ICE, Kraken, Gemini, and Crypto.com.
Acting Chair of the Commodity Futures Trading Commission (CFTC) Caroline Pham revealed the first set of executives who will join the CFTC’s newly created CEO Innovation Council. The council is a public forum for leaders from major exchanges and crypto platforms to discuss how derivatives markets are evolving, especially as technology reshapes trading.
In the announcement, Pham said, “The CFTC continues to lead on groundbreaking initiatives that exemplify responsible innovation with public engagement and expert input.” The council is especially focused on “market structure developments in derivatives markets such as tokenization, crypto assets, 24/7 trading, perpetual contracts, prediction markets and blockchain market infrastructure.”
She also noted that the council builds on earlier efforts, including the CFTC’s Crypto CEO Forum and joint market-structure discussions with the SEC. “I am grateful to the CEOs who have agreed to share their vision and experience with the Commission,” Pham said.
The first round of participants
The council’s early members were gathered quickly over two weeks, according to the agency. The initial list of members includes executives from traditional exchanges and digital-asset platforms:
- Shayne Coplan, CEO, Polymarket
- Craig Donohue, CEO, Cboe Global Markets
- Terry Duffy, Chairman and CEO, CME Group
- Tom Farley, CEO, Bullish
- Adena Friedman, Chair and CEO, Nasdaq
- Luke Hoersten, CEO, Bitnomial
- Tarek Mansour, CEO, Kalshi
- Kris Marszalek, CEO, Crypto.com
- David Schwimmer, CEO, LSEG
- Arjun Sethi, Co-CEO, Kraken
- Jeff Sprecher, CEO, Intercontinental Exchange (ICE)
- Tyler Winklevoss, CEO, Gemini
The CFTC shared that it is still reviewing additional applications and may expand the council.
Under Pham’s leadership, the agency has accelerated work on the digital asset market structure. Recent moves include a pilot program allowing crypto collateral in derivatives markets and Bitnomial’s launch of leveraged spot crypto trading.
These initiatives fall under the CFTC’s broader “Crypto Sprint,” running through August 2026, which examines listed spot crypto trading, tokenized collateral, stablecoins, and blockchain-based market infrastructure.
Leadership changes
The announcement comes amid notable leadership transitions at the commission. In October, the U.S. President Donald Trump appointed Mike Selig as the CFTC’s next permanent Chair, aligning with the administration’s effort to strengthen the U.S. position in digital-asset policy.
Selig is well known for his crypto regulatory work, having served as Chief Counsel of the SEC’s Crypto Task Force and previously worked at the CFTC under former Chairman Chris Giancarlo, known as “Crypto Dad.”
In January, President Trump had elevated Pham, then a Junior Commissioner, to Acting Chair, and the commission confirmed her in that role. Pham is expected to hand over leadership once the Senate votes on Selig’s confirmation. If approved, he will step into an agency already deeply engaged in a wide set of crypto-focused policy projects initiated during her tenure.
CTFC’s recent moves
The CFTC has also made two major crypto moves this week. First, it launched a three-month pilot allowing Bitcoin, Ether, and USDC to be used as margin collateral in U.S. derivatives markets.
Futures Commission Merchants, firms that facilitate futures trading for clients, can now accept these assets under strict weekly reporting and risk-control requirements, marking a significant shift from the agency’s earlier restrictions on crypto collateral.
Additionally, the CFTC also approved spot cryptocurrency trading on U.S.-regulated exchanges for the first time. Bitnomial will launch the first product, a Leveraged Spot Digital Asset, next week. Pham said the decision follows directives from President Trump and coordination with the Securities and Exchange Commission.
Together, these steps signal the agency’s push to bring more crypto activity into regulated U.S. markets while adding clearer rules around collateral, settlement, and customer protection.
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