CFTC Commissioner Asks For Clear Crypto Regulation In 2023
The Commissioner of the Commodity Futures Trading Commission (CFTC), Caroline Pham, has called on watchdogs globally to create clear regulations for crypto in 2023.
Global Discussions Ongoing For Crypto Regulation
While speaking in a recent interview, she stated that there are ongoing conversations with international players regarding regulations for cryptocurrencies. Also, the government representative mentioned that a lot of foreign discussions are taking place about establishing global standards for regulating the crypto industry.
According to the commissioner, she has held over 75 meetings with different parties to discuss digital asset regulation. She also emphasized that discussions about possible global standards for crypto regulation are taking place at an advanced level outside the US.
Meanwhile, the interviewer also asked the executive about the recent legal battle between Genesis and Gemini. The CFTC boss advised that regulators use the existing rules to offer clarity for now.
The commissioner stated that this entails recognizing crypto as financial instruments and treating them like other financial assets. Pham also mentioned that it is important to explore the use cases of blockchain technology and examine the frameworks that apply to non-financial cryptocurrency activities.
Pham said she wants an increased regulatory direction from US authorities in 2023. In her words:
“My goal is to have the CFTC and other regulatory bodies provide more crypto guidelines in the current year. I am optimistic that this will lead to greater regulatory clarity in the US.”
The commissioner further emphasized the importance of considering ways to improve rather than simply accepting the current state of affairs.
Pham Cites The Recent Crypto Crash As Reason For Regulation
On September 27th, while speaking at a blockchain project event, Pham proposed that the agency create an “Office of the Retail Advocate.” According to her, this office would help to expand the regulator’s power to protect consumers.
In addition, Pham stated that the office would serve as a representative for the public and emphasized the importance of protecting individual investors in light of recent developments in the cryptocurrency market.
“The recent crypto market crash, coupled with inadequate risk management strategies and significant financial losses for individual investors, highlights the need to strike a balance between fostering innovation and ensuring the protection of retail investors,” the commissioner said.
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