CFTC Commissioner Calls for Global Industry Standards in Crypto Regulation

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

In a interview with Bloomberg, Pham mentioned that discussions with global players on crypto regulation are ongoing. The government official said that there are currently many overseas discussions going on about global industry standards for crypto regulation.

According to Pham, she has had over 75 meetings with various parties to discuss topics regarding crypto regulation. The CFTC commissioner pointed out that “very advanced discussions” were taking place outside the United States about what kind of standards could be applied globally.

Asked about recent issues that have highlighted flaws in space, such as The legal issues of Gemini and GenesisPham noted that regulators need to think about how “to use existing authorities to provide the clarity we need 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 should also be explored.

Pham mentioned that she expects more guidance from US-based regulators in 2023. She said:

“What I’d like to do is see the CFTC and other regulators provide more guidance this year and I’m hopeful that maybe we’ll see more clarity in the United States.”

Finally, Pham said it was essential to think about what more could be done and not just “maintain the status quo”.

Related: CFTC Commissioner Proposes Office Focused on Retail Crypto Investors

Furthermore, the Governor of the Bank of England, Andrew Bailey, recently questioned the need for a digital book. According to the official, a central bank digital currency might not be necessary as they already have a settlement system in the UK.