Caroline Pham, commissioner of the Commodity Futures Trading Commission (CFTC), recently called on regulators to provide clearer guidance on crypto assets in 2023.
in a interview With Bloomberg, Pham mentioned that discussions are underway with global players on crypto regulations. The government official said that many discussions are currently taking place abroad regarding global industry standards for the regulation of cryptocurrencies.
According to Pham, he has had more than 75 meetings with various parties to discuss issues related to crypto regulation. The CFTC commissioner noted that “very advanced discussions” were taking place outside the United States about what kind of standards might apply globally.
Asked about recent issues that have highlighted failure within the space, such as the Gemini and Genesis legal troubles, Pham noted that regulators need to think about how to “use existing authorities to provide the clarity that is needed now.”
The commissioner noted that this means identifying a crypto financial instrument and holding it to the same standards as other financial instruments. Pham also said that identifying frameworks that apply to non-financial crypto activities and blockchain technology use cases should also be explored.
Pham mentioned that she expects further guidance from US-based regulators in 2023. She said:
“What I would like to do is see more guidance from the CFTC and other regulators this year and I am very hopeful that maybe we will see more clarity in the United States.”
Finally, Pham said it’s vital to think about what more can be done and not just settle for “maintaining the status quo.”
Related: CFTC Commissioner Proposes Office Focused on Retail Crypto Investors
In other news, Bank of England Governor Andrew Bailey recently questioned the need for a digital pound. According to the official, a central bank digital currency may not be necessary as they already have a settlement system in the UK.
