Caroline Pham, the acting chair of the Commodity Futures Trading Commission (CFTC), has made it clear that crypto firms shouldn’t expect a free pass on regulation just because political administration is shifting.

Speaking at the Coinbase Annual Summit with Yahoo Finance, Pham said that Donald Trump’s crypto stance doesn’t mean companies can ignore the rules or operate outside the law.

“There is no easy street for anybody, and regulators aren’t easy,” she stated. “Just because we are pro-innovation and pro-growth does not mean that you’re going to be able to get away with breaking the law.”

The acting chair clarified that this does not mean the commission will unfairly target the crypto sector as the previous administration did. Instead, the focus will be on fair and firm enforcement to tackle real issues like fraud and misconduct.

Pham further criticized the Biden regulatory era. Echoing industry sentiment, she emphasized that regulators bent the rules to go after crypto in ways the law didn’t support, an approach she describes as undermining trust in the U.S. system. 

She added that fear-based policymaking curated out of wrong perceptions that the industry is “evil” no longer serves, stressing the importance of restoring regulatory clarity.

Caroline Pham’s remarks come as U.S. crypto regulation takes a new form, especially with the appointment of Paul Atkins as the new Chairman of the Securities and Exchange Commission (SEC). Seen as a pro-crypto choice, Atkins is expected to help fulfill Trump’s promises to the sector and undo long-standing regulatory irregularities that have hindered growth.

Earlier this month, the regulatory chief reaffirmed his mission to create clearer rules for the crypto industry.

“A key priority of my Chairmanship will be to develop a rational regulatory framework for crypto asset markets that establishes clear rules of the road for the issuance, custody, and trading of crypto assets,” he stated.