The US Commodity Futures Trading Commission (CFTC), announced new appointments to its Global Markets Advisory Committee and the Digital Asset Markets Subcommittee on September 19, 2025. The move brings fresh faces from both crypto and Wall Street firms into roles intended to advise the agency on digital asset issues.
New Leadership And Who They Are
Reports have disclosed that Scott Lucas, Managing Director and Head of Markets Digital Assets at J.P. Morgan, and Sandy Kaul, Executive Vice President at Franklin Templeton, will serve as co-chairs of the Digital Asset Markets Subcommittee.
In addition, the CFTC named several industry figures to the panel, including Katherine Minarik of Uniswap Labs, Avery Ching of Aptos Labs, James J. Hill from BNY Mellon, and Ben Sherwin of Chainlink Labs. The appointments were announced by Acting Chair Caroline D. Pham.
The list includes eight new members overall. Some come from traditional banks and asset managers. Others come from decentralized finance and infrastructure projects.
Congrats to @chainlinklabs General Counsel Ben Sherwin on his appointment to the @CFTC’s Digital Asset Markets Subcommittee of the Global Markets Advisory Committee! 🇺🇸 @chainlink https://t.co/aqcrasmOwb
— Caroline D. Pham (@CarolineDPham) September 19, 2025
Why This Matters Now
Based on reports, the appointments arrive as the CFTC pushes to play a larger role in how crypto markets operate in the US.
The agency has recently signaled that it will explore allowing spot crypto trading on registered futures exchanges — an initiative that could change which regulator oversees certain crypto products. That initiative was described in agency statements and industry coverage earlier this year.
Acting Chair Pham has also framed the advisory group as a bridge between market practice and rulemaking. She said the committee “provides invaluable expertise” that helps the agency weigh market structure and the regulatory treatment of digital assets.
As of today, the market cap of cryptocurrencies stood at $3.98 trillion. Chart: TradingView
Balance Of Interests In The Room
Bringing JPMorgan and Franklin Templeton together with Uniswap and Chainlink highlights a core tension. Market firms want clear rules that let them operate here.
Consumer groups and some regulators want stronger safeguards. Advisory committees do not make law; they advise. Still, their views can shape what rules are written next.
Some coverage also notes a practical reason for leaning on advisory bodies: the agency still has leadership gaps. Reports say several commissioner seats remain unfilled, which puts more weight on staff and outside advisers while those appointments are pending.
The appointments mark another step in a wider push to fold crypto more firmly into US markets. Whether that leads to faster approvals for new trading venues, or to stricter rules, will depend on how the committee’s recommendations are used by regulators.
Featured image from Jhvephotos | Dreamstime.com, chart from TradingView
