CFTC Commissioner Says Foreign Discussions About Crypto Standards Are On

[ad_1]

CFTC Commissioner Caroline Pham said several countries are discussing global crypto regulation in an interview with Bloomberg on Jan. 17.

Pham said she recently met with several international regulators to discuss the implementation of crypto standards around the world.

Pham explained:

“[I’ve been] go out there and talk to international policy makers about what kinds of standards we can have globally, how do we fill in the gaps?… I’ve had over 75 meetings and there’s a very advanced discussion going on outside of the United States on this. ”

It is unclear whether each of these meetings involved decision-makers from a different jurisdiction or whether some meetings were repeated within the same jurisdiction.

Asked by Bloomberg about current events in the crypto industry, specifically the ongoing conflict between Genesis and Gemini Pham, said the issue “is of concern.” She said all regulators should use their current authority to clarify what constitutes a crypto financial instrument and what constitutes a crypto non-financial activity. She said appropriate regulatory and legal frameworks should be applied.

Pham also acknowledged that the CFTC has existing regulatory authority it can use. However, she said she would like the CFTC to “not just maintain the status quo” but provide more guidance to crypto companies in 2023.

Pham also described his efforts to allow the CFTC to regulate digital assets. Pham noted that she was responsible for creating the Office of the Retail Advocate and sponsors the Global Markets Advisory Board, both of which deal in part with crypto regulation. She also said she aims to build on her Ten Core Principles for Responsible Digital Asset Markets, released last summer.

Pham has previously made statements about high-profile crypto cases. On January 10, she commented on the CFTC’s charges against Mango Markets hacker Avraham Eisenberg. At that time, she noted that products on digital asset exchanges could be considered derivatives and fall under the jurisdiction of the CFTC.

On Dec. 21, she commented on charges brought by the CFTC against FTX associates Caroline Ellison and Gary Wang, shortly after the SDNY announced its own charges. She called the developments a “significant step for justice for the victims” of FTX.

Read our latest market report

[ad_2]