JPMorgan executive tapped as co-chair alongside Franklin Templeton
The Commodity Futures Trading Commission (CFTC) has expanded its engagement with the digital asset industry by appointing new members to its Digital Asset Markets Subcommittee (DAMS) under the Global Markets Advisory Committee. The move highlights the regulator’s effort to bridge traditional finance (TradFi) with the rapidly evolving decentralized finance (DeFi) ecosystem.
Key Appointments
Acting CFTC Chair Caroline D. Pham confirmed four new members joining DAMS:
- Katherine Minarik, Chief Legal Officer at Uniswap Labs
- Avery Ching, Co-Founder and CTO of Aptos Labs
- James J. Hill, Managing Director at BNY Mellon
- Ben Sherwin, General Counsel at Chainlink Labs
Additionally, Scott Lucas, Head of Digital Assets at JPMorgan, has been appointed co-chair of DAMS alongside Sandy Kaul, Executive Vice President at Franklin Templeton. They succeed Caroline Butler, who previously held the co-chair position.
Lucas emphasized the importance of clear frameworks, stating that DAMS will work with the Commission and industry to “help shape effective regulation in a well-structured digital asset market.” Kaul echoed this view, highlighting a commitment to consumer protections while fostering mainstream digital asset adoption.
CFTC’s Expanding Role in Digital Assets
The DAMS subcommittee was created to provide the CFTC with expertise on blockchain, tokenized markets, and digital asset risks. Its responsibilities include:
- Advising on regulatory risks and opportunities
- Developing policy recommendations
- Building bridges between TradFi and DeFi
Acting Chair Pham, appointed on President Donald Trump’s inauguration day, is spearheading a “Crypto Sprint” initiative to accelerate adoption of recommendations from the President’s Working Group on Digital Asset Markets. A central objective is to clarify jurisdiction between the CFTC and the SEC, addressing one of the sector’s most pressing regulatory questions.
Wall Street’s Blockchain Push
The appointments also reflect growing Wall Street involvement in blockchain and tokenized assets.
- BNY Mellon has advanced into tokenized money-market funds through a partnership with Goldman Sachs.
- JPMorgan continues to explore stablecoins and blockchain-based settlement solutions, despite CEO Jamie Dimon’s historic skepticism toward Bitcoin.
The alignment of crypto-native leaders like Uniswap and Chainlink with legacy finance giants such as JPMorgan and BNY Mellon shows how regulators are preparing for a tokenized financial future. Combined with pro-industry legislation like the GENIUS Act, these moves position the US to strengthen its leadership in digital asset markets while setting global regulatory standards.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.