Caroline D. Pham, former acting chairman of the Commodity Futures Trading Commission, said in an October 12, 2026 interview that the Commodity Exchange Act gives the agency jurisdiction over virtually all commodities, with the notable exceptions of onions and movie box office receipts. She argues this includes digital assets without Congress needing to pass new legislation. The CFTC published an advanced notice of proposed rulemaking on October 5, 2026, focusing on retail commodity transactions in crypto assets, including margined and leveraged trading. In December 2025, under her leadership, the agency launched a pilot program using BTC, ETH, and USDC as tokenized collateral in derivatives markets. CFTC enforcement actions dropped nearly 80% in 2025 compared to the prior decade average, accompanied by a 21% staffing reduction.
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