The official highlighted the importance of identifying a crypto financial instrument and holding it to the same standards as other financial instruments.
Caroline Pham, the Commodity Futures Trading Commission commissioner, has recently called on regulators to provide clearer guidance on crypto assets in 2023.with Bloomberg, Pham mentioned that discussions with global players over crypto regulations are ongoing. The government official said many foreign discussions are currently happening about global industry standards for crypto regulation.
According to Pham, she has had more than 75 meetings with various parties to discuss topics concerning crypto regulation. The CFTC commissioner highlighted that “very advanced discussions” were happening outside of the United States about what kind of standards could be applied globally.Gemini and Genesis’ legal troubles
, Pham noted that regulators must think about how to “use existing authorities to provide the clarity that’s needed now.” The commissioner noted that this means identifying a crypto financial instrument and holding it to the same standards as other financial instruments. Pham also said that identifying frameworks that apply to non-financial crypto activities and blockchain technology use cases must also be explored.“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.
Lastly, Pham said it’s vital to think about what more can be done and not just be satisfied with “maintaining the status quo.”
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