Major U.S. stock exchanges like the NYSE and Nasdaq could see the listing of “true” tokenized stocks within the next two years, according to predictions by Caroline Pham, former Acting Chair of the Commodity Futures Trading Commission (CFTC) and current General Counsel and Chief Administrative Officer at MoonPay. Pham also asserted that the existing Commodity Exchange Act grants the CFTC broad jurisdiction over most crypto assets.
Speaking at the Token2049 Singapore forum, Pham elaborated on the regulatory reach of the CFTC, stating that the Commodity Exchange Act’s definition of “commodity” is extensive, theoretically encompassing a wide array of digital assets including Bitcoin, Ethereum, stablecoins, and even AI computing resources. She suggested that the CFTC possesses sufficient existing regulatory frameworks to address new types of commodities without necessarily requiring new legislation from Congress. This perspective aligns with the CFTC’s past actions, such as the CFTC Crypto Sprint, which allowed registered exchanges to conduct crypto spot trading.
Pham distinguished between “true” tokenized stocks, which would carry voting rights and shareholder governance, and synthetic tokens that merely track price movements. Beyond equities, Pham also weighed in on the future of tokenized deposits and stablecoins in wholesale markets. She predicted that tokenized deposits will become more competitive than stablecoins in this sector, emphasizing their necessity for current banking net settlement processes. While acknowledging stablecoins’ utility in scenarios involving unknown counterparties or the elimination of settlement risk, Pham indicated that wholesale market competition would likely involve both types of instruments serving different functions.
Regarding Non-Fungible Tokens (NFTs), Pham views them primarily as customer engagement tools, drawing parallels to loyalty points or airline miles. She anticipates a potential second wave of NFT adoption following greater regulatory clarity, suggesting a shift towards consumer-facing applications rather than purely speculative or security-like uses.
Pham’s statements come at a time when traditional finance entities are exploring integration with blockchain technology, citing collaborations between entities like Nasdaq and Payward, and ICE (parent company of the NYSE) and OKX. However, uncertainties remain regarding the precise scope of the CFTC’s jurisdiction over all specific crypto assets, the exact implementation of “true” tokenized stocks, and the future competitive balance between tokenized deposits and stablecoins. The path forward for NFTs also hinges on regulatory clarity. Pham’s current role at MoonPay and her previous leadership at the CFTC provide a unique vantage point on the intersection of digital assets and regulatory frameworks. The CFTC, under Chair Michael Selig, has also been active in proposing regulations such as Regulation CAM and Regulation CTX, aimed at establishing a federal framework for crypto leverage trading.
Why This Matters
The materials describe a narrow update: Caroline Pham, former Acting Chair of the CFTC and current General Counsel and Chief Administrative Officer at MoonPay, asserted at the Token2049 Singapore forum that the Commodity Exchange Act provides the CFTC with extensive regulatory authority over nearly all crypto assets, excluding only onion and movie box office receipts. The exact scope and application of CFTC’s jurisdiction over all specific crypto assets.
Broader Context
Source materials place the factual news in this context: Caroline Pham’s statements were made during an interview with The Block at the Token2049 Singapore forum.
