Public Statements & Remarks

Opening Statement of Commissioner Caroline D. Pham before the Global Markets Advisory Committee

February 13, 2023

I am so pleased to sponsor and host the first meeting of the CFTC’s Global Markets Advisory Committee (GMAC).

Last year was the 50th anniversary since the Federal Advisory Committee Act (FACA) became law.  It is one of the four laws that are the pillars of openness in the federal government.[1]  The key values promoted by the FACA are transparency, openness, accountability, accessibility, and public involvement, and these are the same values that guide me as a Commissioner.  I’m grateful to the U.S. Congress for enacting the FACA, which formally recognizes the benefits of seeking expert advice and recommendations from the public, and which enables this CFTC tradition that we are part of here today.

For those here in Washington and those watching across the world, I am one of five independent CFTC Commissioners appointed to a fixed term.  By tradition, each Commissioner sponsors an advisory committee that oftentimes explores what the sponsoring Commissioner views as key priorities for our markets.  Each of the five Commissioners gets to pick their advisory committee in order of seniority from what is available.

As the newest commissioner by about two weeks, I essentially got what was left over.  So I’d like to share my gratitude to the Chairman and my fellow Commissioners for leaving me the GMAC, because I cannot imagine a committee more suited to my background and years of experience on the issues that impact the global financial system.  I believe that when you get up in the morning, you should be going off to work at a job that you love.  Being able to continue to work on these issues through the efforts of the GMAC will keep me going every day.

The GMAC’s Mandate

I know from my experience, both at the CFTC and in the private sector, that global collaboration and coordination are critical to promoting regulatory cohesion and financial stability, and mitigating market fragmentation and systemic risk.  At the beginning of my term, I said that my approach is to get all the information, learn as much as possible, and then come up with pragmatic solutions. I hope that the GMAC can deploy that same approach, by providing information so that policymakers can learn as much as possible, and providing expert advice and pragmatic recommendations for policymakers to consider.

Once I knew that I would be sponsoring the GMAC, I have been focused on the strategy and planning and putting in the work to relaunch this Committee.[2]  I looked at the GMAC’s history—this Committee was first created in 1998 to handle the issues associated with globalization and access to markets.  And it strikes me that today, many of these same issues are just as relevant as the world goes through a pendulum swing from globalization and alignment, to de-globalization and divergence.  So that is why under my sponsorship, the GMAC will get back to basics and promote a level playing field for global business and global markets.  And the GMAC will assess and inform international standards through engagement with international standard-setters and authorities in other jurisdictions.

To make this happen, over the past 10 months I have traveled to key markets trading hubs in order to promote the GMAC’s mandate and to help frame the GMAC’s priorities.  In my meetings in the United Kingdom (UK), Europe, Asia, and the Middle East, I’ve engaged and re-connected with the international policy community, including central banks, finance ministries, regulators, and other officials, as well as market participants.  I’ve probably had nearly a hundred conversations with policymakers and officials, and a hundred more with your organizations about the challenges facing global markets and how the GMAC can drive solutions.

Basically, I’ve been on a GMAC roadshow, and I am very excited by the response I’ve been getting all around the world.

The GMAC’s Members

I am thrilled to bring together this group of executive decision-makers who are willing to take the time to serve, in addition to your very big day jobs.[3]  Each of your organizations has a significant role and is a leader in its space from every corner of our markets.  I want to acknowledge the time, resources, and effort that the Members and their organizations are committing to being a part of the GMAC.  I especially want to recognize the Members who have flown here today from Tokyo, Singapore, London, Frankfurt, Amsterdam, New York, Chicago, Houston, Memphis, Los Angeles, Atlanta, Boston, and elsewhere.  It’s invaluable to connect in person.

With your diverse perspectives and insights, and those of others, the GMAC will work to ensure that global markets are well-functioning, promote market integrity and resilience, facilitate compliance, and foster innovation and growth.

Now I’d like to recognize Tom Wipf and Darcy Bradbury for serving as Chair and Vice Chair of the GMAC.[4]

Tom is Vice Chairman at Morgan Stanley, and his industry leadership has been instrumental to the success of various regulatory reform initiatives.  Tom has been Chair of the Federal Reserve Board’s Alternative Reference Rates Committee (ARRC) and Chair of the CFTC’s Interest Rate Benchmark Reform Subcommittee, as well as Chair of the New York Fed’s Treasury Market Practices Group (TMPG), among others.

Darcy is Managing Director and Head of Public Policy for D.E. Shaw & Co.  In addition to her many industry leadership roles, Darcy’s impressive public service includes having served as Assistant Secretary for Financial Markets in the U.S. Department of the Treasury and on the Municipal Securities Rulemaking Board (MSRB).

Tom and Darcy, thank you for bringing your exceptional leadership to the GMAC.

I also want to recognize Angie Karna of Nomura, the past chair of the GMAC.  Under Angie’s leadership of the GMAC when it was sponsored by Commissioner Dawn Stump, among other things, the GMAC made important recommendations in reports prepared by its Subcommittee on Margin Requirements for Non-Cleared Swaps.  Those recommendations became the basis for two important rule proposals, and I echo Commissioner Mersinger’s call for the Commission to consider them further.[5]  Angie, thank you for your continuing service and leadership.

Today’s GMAC Meeting

You are all well aware of the challenging macroeconomic and geopolitical environment that dominates the headlines.  It is in times like these that it is more critical than ever to have expert input from the public.

We have an incredible program today and a lot of ground to cover.  Today’s GMAC meeting will be an overview or stock-take of the most significant current and emerging issues in global markets and the financial system.  We will hear perspectives from policymakers, dealers, asset managers, liquidity providers, exchanges, trading facilities, clearinghouses, technology service providers, and end users.  Panels will be fast-paced and we will need to keep it moving.

It’s an honor to welcome our two distinguished keynote speakers.  As our opening keynote, we first will hear from the Honorable Joshua Frost, Assistant Secretary for Financial Markets at the U.S. Department of the Treasury.  Assistant Secretary Frost was previously at the Federal Reserve Bank of New York, including as co-chair of the Liquidity Program for systemically important financial institution supervision, Director of Money Markets, and Director of Treasury Markets.  I look forward to hearing about the Treasury Department’s priorities and initiatives for 2023.

As our second keynote, we will hear from Ms. Paulina Dejmek Hack, Director for General Affairs at the European Commission’s (EC) Directorate-General for Financial Stability, Financial Services, and Capital Markets Union (DG FISMA).  Among her other roles, Ms. Dejmek Hack has served in the offices of an EC President and Vice-President and was the Director of the EC’s Task Force for relations with the United Kingdom.  I look forward to her insights on the progress of the European Union’s (EU) digital finance package, including the Markets in Crypto Assets regulation (MiCA), distributed ledger technology (DLT) pilot regime, and the Digital Operational Resilience Act (DORA).

Panel I: Global Market Structure and Access to Markets

We then will begin Panel I, which will address the most significant issues relating to global market structure and access to markets across trading and liquidity, clearing, and trade reporting, including the impact of prudential regulations on market resilience, Treasury market reform, the global rates market, and trading facilities.

As policymakers try to address market shocks and spillovers, we need to understand the trade-offs inherent in policy decisions and this panel will help us to explore that.

Panel II: Global Commodity Markets Volatility

The pandemic and the widespread disruptions it caused have been felt throughout the value chain and markets that are used for risk management and price discovery.  Panel II will address global commodity markets volatility, including current challenges in the real economy and the impact on prices, and market disruptions in physical commodities markets and policy responses

It’s important that we look back at recent events and identify lessons learned that should guide future policy decisions.

Panel III: Digital Asset Markets

And Panel III will address digital asset markets, including international policy developments at  the FSB, Basel Committee, IOSCO, and key jurisdictions, as well as other global initiatives.  We will also hear about use cases in digital finance and tokenization, non-financial activities and Web3, and the underlying blockchain technology, including central bank initiatives.

Since my term began last April, I have consistently warned that crypto assets need to be brought within the regulatory perimeter by addressing a lack of regulatory clarity, and ensuring robust risk management and compliance programs within the crypto sector.[6]  Last May, I said that regulators cannot fail to act any longer to protect the public, and must use their existing and broad authorities to issue guidance and bring enforcement actions, and where possible, to engage in rulemaking with opportunity for the public to comment.[7]

So since then, I’ve worked with U.S. and international authorities to address risks to the financial system and close gaps: I proposed public roundtables with SEC Commissioner Hester Peirce,[8]  I was the first U.S. regulator to propose a comprehensive framework for responsible digital asset markets,[9]  I proposed the first-ever CFTC Office of the Retail Advocate,[10]  I’ve done learning tours, and I’ve called for the CFTC to aggressively use its Dodd-Frank authority for enforcement.[11]

Because digital asset markets can be truly borderless, U.S. policymakers need to understand what is happening at the international level and in other regions of the world, so that the U.S. policy approach does not leave Americans behind and playing catch-up.[12]  And I know from experience that it is hard to design the right guardrails and controls without understanding the product or activity, so we will hear about the use cases for digital assets.  This knowledge will help policymakers to focus on separating the good from the bad.

The GMAC’s Work

A tremendous amount of hard work went into making this meeting happen.

I want to thank my team—my chief of staff Meghan Tente, my chief counsel Gates S. Hurand, and especially my interim senior counsel Brigitte Weyls, who is an essential part of today.  The team has been working around the clock for months to bring us to this moment.

I’d also like to thank the CFTC staff who are ensuring we have a smooth event: Keane McBride, Anna Bintinger, Andrew Brighton, Altonio Downing, Michelle Ghim, Mercedes Giles, Joshua Griffin, David Jones, Monae Mills, Ty Poole, Ed Riccobene, Dwight Riley, William Schroeder, and Margie Yates.

And there’s a lot of hard work still to come. This meeting will help to identify the work program and priorities for the GMAC over the next two years.  I envision the GMAC will make a series of practical recommendations on key issues that can be implemented by policymakers and/or firms.  These recommendations will be based on data and observations from the markets and market participants that will help to better inform policy decisions.  The GMAC will vote today to establish the three Subcommittees—Global Market Structure, Digital Asset Markets, and Technical Issues—that will drive this work.  Soon, we will then call for nominations to these Subcommittees. I am providing the platform, and now the GMAC Members will take this forward.


Ultimately, today is not about the Commission.  Today is about the markets and you, the Members, sharing what you view as the most important and critical issues that need solutions.  We are fortunate to have your contributions.  I am energized by the caliber and commitment of this group and look forward to listening to the presentations and discussion.  Let’s get to work.

[1] These four laws are the Administrative Procedure Act, 5 U.S.C. §§ 551-559; the Freedom of Information Act, 5 U.S.C. § 552; the Federal Advisory Committee Act, 5 U.S.C. App. 2; and the Government in the Sunshine Act, 5 U.S.C. § 552b.

[2] Commissioner Caroline D. Pham Seeks Nominations for Global Markets Advisory Committee Membership and Public Comment on Committee Priorities (June 3, 2022), available at

[3] Commissioner Pham Announces Members of the CFTC’s Global Markets Advisory Committee (Jan. 12, 2023), available at

[4] Commissioner Pham Announces CFTC Global Markets Advisory Committee Meeting and Leadership (Jan. 18, 2023), available at

[5] See Dissenting Statement of Commissioner Summer K. Mersinger Regarding CFTC’s Regulatory Agenda (Jan. 9, 2023), available at

[6] Interview, CNBC Crypto World (May 28, 2022), available at

[7] Interview, “CFTC commissioner on crypto: Regulators ‘cannot fail to act any longer’ to protect retail public,” Yahoo Finance (May 27, 2022), available at; Steven Ehrlich, “CFTC Commissioner Pushes Back Against Claims The Regulator Cannot Police Digital Markets,” Forbes (Aug. 1, 2022), available at; Benjamin Pimentel, “A CFTC commissioner says getting crypto right is critical to the US,” Protocol (July 25, 2022), available at; Interview, “US CFTC's Pham on Crypto Regulation, Customer Protections,” Bloomberg (Nov. 10, 2022), available at

[8] Caroline D. Pham and Hester M. Peirce, “Making progress on decentralized regulation—It’s time to talk about crypto together,” The Hill (May 26, 2022), available at

[9] “Regulation of the Future: Building Responsible Digital Asset Markets,” Keynote Address, 18th Nasdaq Technology of the Future Conference—Reimagining Tomorrow’s Markets (June 28, 2022), available at

[10] “A Voice for the People: A Proposal for a New Office of the Retail Advocate,” Keynote Address, CordaCon 2022 (Sept. 27, 2022), available at

[11] See Statement of Commissioner Caroline D. Pham Regarding Complaint Charging Swaps Manipulation and Fraud on a Decentralized Exchange (Jan. 10, 2023), available af; Statement of Commissioner Caroline D. Pham on SEC v. Wahi (July 21, 2022), available at; Statement of Commissioner Caroline D. Pham Regarding Court Orders Entered Against BitMEX Co-Founders (May 5, 2022), available at

[12] Interview, Bloomberg Crypto (Jan. 17, 2023), available at