CFTC commissioner calls for global industry standards in crypto regulation

Caroline Pham, the Commodity Futures Trading Commission (CFTC) commissioner, has recently called on regulators to provide clearer guidance on crypto assets in 2023.

In an interview 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.

When asked about the recent issues that highlighted flaws within the space, such as 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.

Pham mentioned that she hopes for more guidance from regulators based in the U.S. in 2023. She said:

“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.”

In other news, Bank of England governor Andrew Bailey has recently questioned the need for a digital pound. According to the official, a central bank digital currency might not be necessary as they already have a settlement system in the United Kingdom.