Ex-Acting CFTC Chair Pham: Agency Can Regulate ‘Almost Everything’

Pham's framing is a jurisdictional claim as much as a policy one: by casting the CFTC's reach as near-universal, she is staking out turf in the unresolved question of which US regulator owns retail digital-asset markets. The retail-protection rationale matters because it is the argument most likely to survive political and legal challenge, and it lands as the agency's rulemaking agenda advances. Whether that agenda translates into durable authority — or gets contested by other regulators and the courts — is the open question worth watching.