Quadrillions: The Crypto Capital of the World | Acting Chairman Pham

Watch on YouTube ↗  |  January 07, 2026 at 13:00  |  35:24  |  Empire
Speakers
Caroline Pham — Acting Chairman, CFTC
Yuval Rooz — CEO, Digital Asset

Summary

Acting CFTC Chairman Caroline Pham discusses the CFTC's back-to-basics regulatory approach, SEC-CFTC cooperation, and the 12-month Crypto Sprint. She outlines plans to approve listed spot crypto with leverage on futures exchanges by year-end and to enable tokenized collateral and stablecoins in cleared markets. Yuval Rooz explains the investment opportunity in tokenized collateral and on-chain repo, emphasizing collateral efficiency and irreversible adoption.

  • CFTC focuses on back-to-basics regulation and ending regulation by enforcement.
  • SEC and CFTC held first joint roundtable in 15 years, discussing single stock futures and market structure.
  • CFTC Crypto Sprint aims to implement digital asset recommendations within 12 months.
  • Spot crypto with leverage could be listed on CFTC futures exchanges by end of year.
  • Tokenized collateral and stablecoins are being enabled for CFTC markets, with stablecoin collateral in clearing houses expected Q1/Q2 next year.
  • US regulatory clarity is attracting crypto firms to invest and build in America.
  • Yuval Rooz highlights tokenized collateral as a major efficiency opportunity due to low collateral utilization.
  • On-chain repo is scaling, with nearly 10% of US repo market on-chain and $400B daily by a partner.
Ideas
Caroline Pham Acting Chairman, CFTC 16:28
Stablecoins become collateral in cleared markets.
Stablecoins will likely become live as collateral in CFTC cleared markets in Q1/Q2 next year; collateral management is the killer app for stablecoins, and the CFTC's tokenized collateral initiative plus technology-neutral rules will make them more usable and efficient.
STABLECOINS HIGH
Caroline Pham Acting Chairman, CFTC 17:51
Tokenized Treasury MMFs are eligible collateral.
The CFTC's GMAC recommended tokenized non-cash collateral such as tokenized Treasury money market funds; CFTC rules are technology-neutral and already allow Treasury money market funds as eligible collateral, so a look-through to the underlying asset can permit tokenized versions, and the advisory will make market participants comfortable using them.
Tokenized Treasury money market funds HIGH
Yuval Rooz CEO, Digital Asset 21:02
Tokenized collateral unlocks huge collateral efficiency.
Only about 15% of eligible collateral is used because moving collateral efficiently and cheaply is difficult; tokenized collateral can unlock significant efficiency for clearing houses and global bank balance sheets, making collateral management one of the biggest low-hanging opportunities, though risk frameworks and standards are needed because not all collateral or stablecoins are equal.
Tokenized collateral HIGH
Caroline Pham Acting Chairman, CFTC 25:48
US crypto industry attracts global investment.
Changing the regulatory tone from the top, the executive order, GENIUS Act, market structure legislation, and CFTC/SEC actions are attracting crypto companies to invest, hire, and build in America; firms that considered Singapore or Paris are now choosing New York because of US talent and faster regulators, making America the crypto capital.
US crypto industry HIGH
Yuval Rooz CEO, Digital Asset 31:29
Regulated markets on-chain make adoption irreversible.
The way to prevent a future regulatory reversal is to put real businesses and regulated markets on-chain at scale; once adoption is broad, it becomes politically untenable to reverse, and the US model will serve as a lighthouse that exports tokenization globally.
Tokenization HIGH
Yuval Rooz CEO, Digital Asset 34:16
US repo market is moving on-chain.
The US repo market is already moving on-chain, with one partner doing $400 billion of repo every day and the market approaching 10% on-chain; this demonstrates the value of blockchain technology and the shift is unlikely to reverse.
On-chain repo HIGH
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This Empire video, published January 07, 2026, features Caroline Pham, Yuval Rooz discussing STABLECOINS, Tokenized Treasury money market funds, Tokenized collateral, US crypto industry, Tokenization, On-chain repo. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Caroline Pham, Yuval Rooz  · Tickers: STABLECOINS, Tokenized Treasury money market funds, Tokenized collateral, US crypto industry, Tokenization, On-chain repo