In an address made to the Nasdaq Technology of the Future Conference last month, Pham said while the SEC regulates securities markets, “the CFTC has regulatory touchpoints with virtually everything else” including anti-fraud and anti-manipulation over spot markets. She touted that the agency has brought over 50 crypto enforcement actions since 2015, adding that congress’ crypto regulation bill expanding the agency’s jurisdiction would promote U.S. competitiveness and “enable growth.”

Yet SEC Chair Gary Gensler has long argued that much of crypto falls under his jurisdiction, especially since there is billions of dollars in fraud happening yearly that actively harms retail investors. The SEC has previously claimed that their existing crypto enforcement branch has brought over 80 enforcement actions against the industry since 2017.