In a recent interview at Coinbase’s Crypto Summit, the acting chairman of the Commodity Futures Trade Commission (CFTC) shared the future of the institution’s cryptocurrency regulation under the pro-company authority.
CFTC does not criminalize encryption
On Thursday, CFTC’s acting chairman Caroline Pham told Yahoo Finance’s Brian Sozzi that despite the new government’s compliance with the “enforcement regulations” of “enforcement regulations” it would be difficult for anyone, including the cryptocurrency industry.
“It’s not easy for anyone to street, and it’s not easy for regulators,” Pham explained. He added that the agency’s shift to pro-entrepreneurship, a strategy to support growth does not mean that companies can bend the law and get rid of the law.
She clarified that the CFTC’s new approach would not “distort the law to criminalize asset classes or technology” like the past administrations. Instead, it will focus on capturing fraudsters and fraudsters on the market. “This has always been our core mission to prevent fraud, manipulation and abuse in our market and help victims,” Pam confirmed.
In the interview, the regulator’s chairman explained her previous comments about “Uberizing Crypto,” sharing that this means effectively integrating digital assets into daily life so that like Uber, it is nearly impossible to define it as the transportation industry.
She confirmed: “When something gets so big and so accepted, so when part of our lives, you can’t really take it away. The public, the people, the voters, they won’t let you.” She confirmed, noting that ride-sharing apps have completely changed the industry, which has led many people to fail to successfully try to fight it.
Pham believes that the industry’s “Uberization” must be the goal of preventing encryption from being considered unfair to define it as a concept or technology. “The way to do this is to bring it to the people, the people speak, the voters speak,” she said.
Restore the clarity of regulations
Speaking about the last administration, Pham noted that the Securities and Exchange Commission and the CFTC “really go beyond what the law says and what the regulations say, which is a general criticism of the American watchdog.
She condemned how the agency reinterprets existing laws applied to traditional markets to follow what they consider “bad or evil”, such as cryptocurrencies and blockchain technology, without considering the unintended consequences it has for the global economy and global markets.
When we start changing the rules of the (…) 700 trillion named global derivatives market as we try to get creative and bend it to pursue what we think is bad or evil, you know, cryptocurrency or blockchain, which really breaks the structure of our global market.
That’s why “restoring carefully resolved legal precedents, how the law is applied and interpreted for decades, restoring clarity to that regulation” has been a priority under her leadership.
It is worth noting that PHAM repeatedly calls for regulatory clarity in the crypto industry and proposes a revival of the joint advisory committee between the CFTC and the SEC.
Earlier this year, regulators were reportedly discussing their options to effectively collaborate on digital asset regulations, following the SEC’s crypto committee headed by Commissioner Hester Peirce.
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