CFTC Commissioner Signals Move Toward Global Crypto-Regulation Standards

Regulators in the United States and abroad are currently engaged in “advanced discussions” on developing global industry standards for crypto regulation. In an interview with Bloomberg, the CFTC Commissioner Caroline Pham said.

Pham said she has held more than 75 meetings on the topic with counterparts from overseas.

Pham said regulators should consider how to “use existing authorities to provide the clarity that is needed now.” She was responding to questions about current oversight shortcomings amid the challenges surrounding Gemini and Genesis.

According to a CFTC spokesperson, this means identifying the crypto instrument and applying to it the same standards as those that apply to other financial instruments.

Pham also noted the need to study the definition of principles for non-financial crypto-asset activity and scenarios for the use of blockchain technology.

She expressed hope for changes to the regulatory landscape in the United States and urged not to be content with “preserving the status quo.”

“This year, I would like to see the CFTC and other agencies provide more guidance,” she said.

Earlier in the US Congress created a subcommittee dedicated to digital assets.

Earlier in Davos, Nigel Green, CEO of deVere Group urged participants to regulate cryptocurrencies.

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