CFTC GMAC Announces Key Leadership Roles, Addresses Policy Priorities

In its first public meeting under the sponsorship of Commissioner Caroline D. Pham, the CFTC Global Markets Advisory Committee ("GMAC") announced leadership roles, held discussion panels on a variety of topics and outlined priorities.

The meeting featured three discussion panels addressing such topics as:

• trading, liquidity and clearing risks relating to global market structure and market access (including the impact of new regulations);
• volatility caused by supply chain issues and disruptions in physical commodities markets; and
• international policy developments and other global initiatives relating to digital asset markets.

At the meeting, Commissioner Pham outlined GMAC's priorities under her leadership, which includes establishing the Global Market Structure, Digital Asset Markets, and Technical Issues subcommittees to address each of the issues highlighted during the discussion panels.

In opening remarks, Commissioner Goldsmith Romero said that "[w]orking through [the issues] now with clear heads and the benefit of time can lead to a workable game plan that will keep markets functioning well during times of stress." In a separate statement, Commissioner Johnson said regulators can draw policies from previous economic crises like the 2008 financial crisis and warned that some markets (such as digital asset markets) may continue to decline without CFTC intervention.