CFTC Calls for Global Standards for Crypto Regulation

CFTC Calls for Global Standards for Crypto Regulation

The commissioner of the CFTC, Caroline Pham, recently gave an interview in which she said that there are advanced discussions and meetings regarding global crypto standards happening outside of the U.S.

In a recent interview with Bloomberg, Caroline Pham, commissioner of the Commodity Futures Trading Commission (CFTC), has called on global regulators to provide clearer guidance on digital assets in 2023. Pham said that discussions with global players regarding crypto regulation are ongoing, adding that many foreign discussions are taking place at the moment about global industry standards for crypto regulation.

Pham said:

[I’ve been] going out there and talking to international policy makers on what kinds of standards can we have at a global level, how do we close gaps?…I’ve had over 75 meetings and there’s a very advanced discussion happening outside the United States about this.

It is unclear whether these meetings involved policymakers in a different jurisdiction or whether some took place within the jurisdictions.

Bloomberg naturally asked Pham about current events in the crypto industry, specifically mentioning Genesis and Gemini, to which she responded the issue “is a concern.” Pham said that regulators must think about how to “use existing authorities to provide the clarity that’s needed now.” The commissioner clarified that this means identifying a crypto financial instrument and holding it to the same standards as other financial instruments. Beyond that, Pham added that it is necessary to identify frameworks that apply to non-financial crypto activities and blockchain technology to explore.

Above calling for global standards in crypto regulation, she added that she hopes for more guidance from U.S.-based regulators in 2023:

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.

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