CFTC calls for global crypto regulation standards
18 Jan 2023
The commissioner of the Commodity Futures Trading Commission (CFTC) has urged regulators to offer more transparent guidance on crypto assets this year.
Caroline Pham said discussions with global players in regard to cryptocurrency regulations are still ongoing during an interview with Bloomberg. She added that talks are also taking place around the world regarding global industry standards for crypto regulation.
The CFTC commissioner added she has had over 75 meetings with several parties to consider topics regarding digital currency regulation, and "very advanced discussions" are taking place outside the U.S. about the standards that may be applied on an international scale.
Furthermore, when questioned about recent issues and shortcomings within the crypto space, Pham said regulators need to consider ways to "use existing authorities to provide the clarity that's needed now."
This would mean distinguishing exactly what a crypto financial instrument is and holding it to the same standards as other financial instruments, Cointelegraph reports.
In addition, the CFTC commissioner said identifying structures applying to non-financial crypto activities, and blockchain tech use cases must also be studied.
Pham also said she is hoping for further U.S. regulator guidance this year: "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."
She added that it's crucial to focus on what else can be done and not just settle for "maintaining the status quo."
This has been echoed by deVere CEO and founder Nigel Green, who has previously been quoted as saying to the media: "Financial watchdogs are homing in on regulation of the sector. As I have long said, I believe this is inevitable – and it is something I support as cryptocurrencies become increasingly part of the mainstream, global financial system.
"Proportionate regulation should be championed as it would help protect investors, shore up the market, tackle criminality, and reduce the potential possibility of disrupting global financial stability, as well as offering a potential long-term economic boost to those countries that introduce it."
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