In a recent interview at the top of Coinbase State of Crypto, the acting president of Commodity Futures Trading Commission (CFTC) shared the future of the agency’s cryptographic regulations under the pro-industrial administration.
CFTC will not criminalize crypto
Thursday, the president of actress of the CFTC, Caroline Pham, told Brian Sozzi of Yahoo Finance than the regulations would be easier to do with anyone, including the cryptographic industry, despite the end of the “application by application” approach under the new administration.
Pham explained that “there is no easy street for anyone, and regulators are not easy”, adding that the agency change towards a pro-innovation and pro-growth strategy does not mean that companies can bend the law and get away with it.
She said that the new CFTC approach “twists the law to criminalize an asset or technology class”, such as past administration. Instead, he will focus on the capture of fraudsters and crooks on the market. “This has always been our main mission is to prevent fraud, manipulation and abuse in our markets and help the victims,” said Pham.
In the interview, the chair of the regulatory agency explained its previous comments on the “cryptocurrency”, sharing that this means effectively integrating digital assets in daily life so that the prohibition or criminalization becomes almost impossible, as Uber did with the transport industry.
“When something becomes so big, so accepted, so part of our lives, you can’t really withdraw it. The public, people, voters, they won’t leave you,” she said, noting that the carpooling app revolutionized the industry, which resulted in many people who did not try to fight it.
Pham considers that “uberization” of industry must be the objective of preventing the crypto from being unjustly criminalized as a concept or technology. “The way you do it is to bring it to the people, and people will speak, and the voters will speak,” she said.
Restore regulatory clarity
Speaking of the previous administration, Pham noted that the Securities and Exchange Commission (SEC) and the CFTC “were really going beyond what the law says and what the law says”, which was a common criticism of the American guard dogs.
She condemned the way in which the agency reinterpreted the existing laws which applied to traditional markets to continue what they perceived as “bad or bad”, as crypto and blockchain technology, without considering the unforeseen consequences it could have on the global economy and the world markets.
When we start to modify the rules for (…) The 700 global notional markets of derivatives because we try to be creative and to bend it to continue what we perceive as a bad or a bad, you know, crypto or blockchain, which really breaks the fabric of our global markets.
This is why “the restoration of well established legal legal, how the CFTC applied and interpreted the law for decades, to restore this regulatory clarity” was a priority under its direction.
In particular, PHAM has repeatedly called upon the regulatory clarity of the cryptographic industry, proposing to relaunch the joint advisory committee between the CFTC and the SEC.
Earlier this year, the regulatory organizations would have discussed their options to effectively collaborate in regulations on digital assets, after the launch of the Crypto working group of the SEC led by Commissioner Hester Peirce.
Bitcoin (BTC) trades at $105,047 in the one-week chart. Source: BTCUSDT on TradingView
Star image of Unsplash.com, tradingView.com graphic
Editorial process Because the bitcoinist is centered on the supply of in -depth, precise and impartial content. We confirm strict supply standards, and each page undergoes a diligent review by our team of high -level technology experts and experienced editors. This process guarantees the integrity, relevance and value of our content for our readers.
