CFTC Commissioner Calls For Global Industry Standards in Crypto Regulation

CFTC commissioner Caroline Pham expressed that there are progressed conversations on Global standards happening outside of the US.

Caroline Pham, the Commodity Futures Trading Commission (CFTC) commissioner, has recently called on Regulators to give more clear direction on Crypto assets in 2023.

In a meeting with Bloomberg, Pham mentioned that discussions with global players over Crypto regulations are ongoing. The public authority official said numerous foreign discussions are as of now happening about global industry standards for Crypto regulation.

According to Pham, she has had in excess of 75 meetings with various parties to discuss topics concerning Crypto regulation.The commissioner highlighted that “advanced discussions” were taking place outside of the US about what standards could be applied globally.

At the point when asked about the new issues that highlighted flaws inside the space, for example, Gemini and Beginning’s legal troubles, Pham noted that regulators should contemplate how to Existing authorities should be used to give the clarity that’s required.

The commissioner said that this means identifying acryptocurrencies and holding it to the same standards as other financial instruments.
Identifying frameworks that apply to non-financial activities and technology use cases should be explored.

“What I might want to do is to see the CFTC and different regulators provide more guidance this year and I’m exceptionally confident that maybe we will see greater clarity in the US.”

Lastly, Pham said it’s vital to think regarding what more should be possible and not simply be satisfied with “keeping up with the status quo.”
Elsewhere in the world, Bank of England governor Andrew Bailey has recently questioned the requirement for a digital pound. According to the official, a central bank digital currency probably won’t be vital as they as of now have a settlement system in the Unified Kingdom.