Committee Appointments Drive Regulatory Collaboration
On September 19, 2025, the Commodity Futures Trading Commission (CFTC) announced the appointment of eight prominent industry figures to its Global Markets Advisory Committee (GMAC) and newly formed Digital Asset Markets Subcommittee (DAMS). The GMAC serves as a high-level advisory body, while DAMS focuses specifically on rulemaking and market structure for digital assets.
Key Industry Leaders Named
Acting Chair Caroline D. Pham selected Katherine Minarik, chief legal officer at Uniswap Labs; Ben Sherwin, general counsel at Chainlink Labs; Avery Ching, co-founder and CTO at Aptos Labs; and James J. Hill, MD and head of structured innovation at BYN, as DAMS members. Scott Lucas, head of digital assets at JPMorgan, and Sandy Kaul, EVP at Franklin Templeton, were named co-chairs of the subcommittee. Additional GMAC appointees include Robert Boonij, CEO of Eurex, Laura Fuson, VP and head of futures at Cboe Global Markets, and Brad Sullivan, COO of ICE Futures.
Mandate and Strategic Focus
The enhanced advisory group will provide guidance on digital asset taxonomy, tokenized collateral frameworks and cross-jurisdictional compliance strategies. DAMS aims to develop recommendations for spot market regulation, leverage limits, consumer protections and technological safeguards to support a resilient digital asset ecosystem. The committee will liaise with the SEC, Treasury and President’s Working Group on Digital Asset Markets to harmonize federal oversight.
Industry and Government Perspectives
Officials emphasized the need for constructive engagement between regulators and industry stakeholders. JPMorgan’s Scott Lucas remarked on the importance of leveraging distributed ledger expertise to inform pragmatic policy, while Franklin Templeton’s report pointed to the role of robust market infrastructures in fostering innovation. The appointments reinforce the CFTC’s commitment to transparent rulemaking and proactive risk management in the evolving digital asset landscape.
Next Steps for Regulatory Framework Development
Pham indicated that the advisory group will begin public consultations and technical roundtables in October, with formal recommendations expected by Q1 2026. Key deliverables include a draft digital asset taxonomy, proposed amendments to leverage cap rules, and guidelines for token custody and settlement processes. Stakeholders are encouraged to submit feedback through the CFTC’s online portal during the comment period.
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