CFTC brings crypto CEOs together to launch digital asset markets pilot program

The Commodity Futures Trading Commission (CFTC) has invited top executives from Coinbase, Ripple, Circle, and Crypto.com to a CEO Forum that will discuss launching a pilot program for digital asset markets, according to the press release from the agency today.

The program focuses on tokenized non-cash collateral, particularly stablecoins. Details of the meeting, including the date and agenda, are to be “soon,” according to the release.

Acting Chairman Caroline Pham said the forum supports the Trump administration’s vision for economic growth through innovation. “The CFTC is committed to responsible innovation. I look forward to engaging with market participants to deliver on the Trump Administration’s promise of ensuring that America leads the way on economic opportunity,” Pham said.

Crypto sandbox to set guardrails for stablecoins

Per the release, Pham has pushed for a regulatory sandbox to ensure that tokenized collateral can be safely tested and integrated into U.S. markets. The CFTC has a history of using these programs since the 1990s to test new ideas under controlled conditions.

The Global Markets Advisory Committee recommended using non-cash collateral through blockchain technology in July 2024, according to the CFTC’s press release.

In related news, the CFTC announced that David Gillers, the Chief of Staff to Commissioner Rostin Behnam, will leave his position today. Gillers, who has been with the agency since 2019, played a major role in developing policies on crypto, artificial intelligence, event contracts, cybersecurity, and environmental derivatives. He also managed the commission’s 1,000-person workforce and daily operations.

“David has been my trusted Chief of Staff for over five and a half years,” former CFTC chairman Rostin Behnam said. During his time at the agency, Gillers was an important negotiator with Congress, federal regulators, and industry leaders. He led efforts to regulate voluntary carbon credit derivatives, a market that ties into climate-focused financial products.

Gillers oversaw the agency’s transition out of remote work after the COVID-19 pandemic. He also led collaborations with other regulators on digital asset frameworks and assisted congressional committees in drafting legislation, specifically in 2023.

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