XRP regulation is gaining momentum under the leadership of Acting Commodity Futures Trading Commission Chair Caroline Pham. As the crypto industry awaits confirmation of a permanent CFTC chairman, Pham is seizing the opportunity to advance major initiatives outlined in the Trump administration’s recent digital asset report.

Pham, who took over the interim role earlier this year, has activated a public engagement campaign to address the recommendations from the President’s Working Group on Digital Assets. The CFTC plays a critical role in regulating U.S. derivatives and is expected to oversee most crypto trading if current legislation on market structure is passed.

Acting Leadership Drives Forward Crypto Engagement

With the chairmanship still undecided, Pham isn’t waiting to act. She announced the launch of industry consultations to align with the administration’s stated goal of crypto leadership. “I am beginning stakeholder engagement on all other report recommendations for the CFTC with the full support of the President’s Working Group on Digital Asset Markets to operationalize President Trump’s promise to win on crypto,” she said.

To this end, the CFTC has opened a two-month window for public feedback, formally requesting comments to help implement the report’s guidance. The comment portal is now live at the CFTC site: submit public comments.

Leadership Uncertainty Clouds the Future

Despite these forward actions, leadership uncertainty looms over the agency. Pham has signaled her intention to depart, and the confirmation of Brian Quintenz as chairman—President Trump’s nominee—has been stalled. Quintenz’s nomination, although backed by much of the industry, faced criticism from figures like Gemini CEO Tyler Winklevoss, who questioned his suitability.

Nevertheless, many crypto lobbyists are urging the administration to advance his confirmation, as seen in a growing petition campaign. However, the White House postponed a crucial vote without publicly explaining why, even while continuing to support Quintenz.

Meanwhile, the Senate’s August recess adds to the delay. If confirmed once Congress reconvenes, Quintenz could assume the chairmanship at a hollowed-out Commission, with sitting Democrat Commissioner Kristin Johnson also preparing to step down. That would leave him as the sole member of what should be a five-person panel.

Coordinated Crypto Policy with SEC’s Project Crypto

Beyond internal challenges, Pham has emphasized that the CFTC’s crypto roadmap is designed to work in tandem with the SEC’s newly launched initiative, “Project Crypto”. Spearheaded by SEC Chair Paul Atkins, this program aims to elevate digital assets to a regulatory priority. It’s a natural extension of the earlier CFTC efforts dubbed the “crypto sprint.”

Together, these moves suggest a more comprehensive and collaborative regulatory approach between U.S. financial oversight bodies — particularly timely as the industry seeks stability and clarity in the midst of market evolution.

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