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CFTC commissioner calls for clearer crypto regulations

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Caroline Pham, commissioner of the U.S. Commodity Futures Trading Commission (CFTC) commissioner, has urged regulators to develop clearer crypto industry standards, she said in a Jan.17 Bloomberg interview.

See related article: Thailand’s SEC issues new regulations for crypto custody services

Fast facts

  • Pham has participated in over 75 meetings about global crypto regulations and highlighted that there is “a very advanced discussion happening outside the United States.”
  • The commissioner also recommended that crypto financial instruments be held to the same regulatory standards as legacy financial instruments.
  • She noted that the industry has to define non-financial crypto activities and identify appropriate regulatory frameworks for those.
  • Regulators should be thinking “proactively” about advancing global regulations. “What I’d like to do is to see the CFTC and other regulators provide more guidance this year and I’m very hopeful that perhaps we will see more clarity in the United States.”
  • Pham also believes that clearer regulations and public meetings could have prevented last year’s crypto meltdown: “If we had that kind of public inquiry, could we have uncovered some of this interconnectedness and some of these risks that have built up?”
  • “It is a concern,” said the commissioner when asked about the legal troubles of Gemini and Genesis, adding that regulators must strive to “use existing authorities to provide the clarity that’s needed now.”

See related article: Crypto’s data problem: Rebuilding trust in a trustless environment

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