Commodity Futures Trading Commission (CFTC) Commissioner Caroline Pham recently called on regulators to provide clearer guidance on crypto assets in 2023.
so interview Pham told Bloomberg that discussions with global players on cryptocurrency regulation are ongoing. A government official said a number of foreign discussions are currently taking place over a global industry standard for crypto regulation.
According to Pham, she has held more than 75 meetings with various stakeholders to discuss crypto regulation topics. The CFTC commissioner emphasized that there are “very high-level discussions” outside the United States about what standards can be applied globally.
When asked about recent issues that have highlighted deficiencies within the industry, such as legal issues with Gemini and Genesis, Pham said regulators are “requiring existing regulators to provide much-needed clarity”. I said I need to think about how to use .
The commissioner said this means identifying crypto financial instruments and keeping them to the same standards as other financial instruments. Pham said it also needs to consider identifying frameworks that apply to non-financial crypto activities and use cases for blockchain technology.
Pham said he expects further guidance from US-based regulators in 2023. she said:
“What I would like to do is for the CFTC and other regulators to provide more guidance this year, and I am very hopeful that there will probably be more clarity in the US.”
Finally, Pham said it’s important to think about what more can be done rather than just being satisfied with the “status quo.”
Related: CFTC Commissioner Proposes Office Focused on Individual Crypto Investors
In other news, Bank of England Governor Andrew Bailey recently questioned the need for a digital pound. The UK already has a payment system, so it may not need a central bank digital currency, according to people familiar with the matter.