The U.S. Commodity Futures Trading Commission (CFTC) announced on Sept. 19 new members of the Global Markets Advisory Committee (GMAC) and its subcommittees, sponsored by Acting Chairman Caroline D. Pham. A key focus of the announcement was digital assets, with Scott Lucas, managing director and head of Markets Digital Assets at J.P. Morgan, appointed as co-chair of the Digital Asset Markets Subcommittee. He will serve alongside Sandy Kaul, executive vice president at Franklin Templeton.

Pham emphasized the subcommittee’s contributions to policy development and global discussions, stating:

The Global Markets Advisory Committee continues to provide invaluable expertise that has not only shaped policy decisions at the CFTC, but has also added important context to global discussions about emerging trends in market structure and the regulatory treatment of digital assets.

She also credited former co-chair Caroline Butler for her role in producing the first U.S. digital asset taxonomy and in advancing recommendations on tokenized non-cash collateral.

Lucas outlined his priorities in strengthening the regulatory environment for the sector: “We look forward to working with the Commission and broader industry partners to help shape clear and effective regulatory frameworks in a well-structured digital asset market.” Kaul highlighted the ongoing integration of digital financial tools into broader markets, pointing to the need for prudent safeguards that allow innovation to progress while protecting investors. Their leadership signals the CFTC’s continued reliance on the Digital Asset Markets Subcommittee as a central body for guiding regulatory clarity in a rapidly evolving space.

Several new members were added to the Digital Asset Markets Subcommittee itself, reflecting the CFTC’s deepening engagement with the sector. Katherine Minarik, chief legal officer at Uniswap Labs; Avery Ching, CEO and co-founder of Aptos Labs; James J. Hill, managing director and head of structural innovation at BNY; and Ben Sherwin, general counsel at Chainlink Labs, were all appointed. With expertise spanning decentralized exchanges, blockchain infrastructure, banking innovation, and smart contract networks, the expanded roster brings diverse perspectives to the regulatory debate. Alongside Lucas and Kaul, these appointees reinforce the CFTC’s strategy of drawing on industry leaders in distributed ledger technology, tokenization, and digital market infrastructure to navigate oversight of this complex and fast-changing sector.

The appointments align with the CFTC’s digital asset agenda. The agency has launched its second “Crypto Sprint” to expand market access and implement remaining recommendations from the President’s Working Group on Digital Asset Markets. The CFTC said Acting Chairman Pham will begin stakeholder engagement on the rest of the report, with a focus on federally regulated trading. In coordination with the U.S. Securities and Exchange Commission (SEC) through Project Crypto, the effort will target oversight of leveraged and margined retail crypto trading. Public feedback is open, with critics warning of overreach and supporters viewing the steps as essential to U.S. leadership in digital assets.

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