The US Commodity Futures Trading Commission (CFTC) is reportedly considering implementing a global industry standard for cryptocurrency regulation. CFTC Commissioner Carline Pham said she is working to introduce industry-standard regulations for the cryptocurrency industry.
New pipeline proposal
Commissioner Pham’s comments follow the turmoil that hit the cryptocurrency market last year, with several companies going bankrupt or out of business.in an interview with bloombergPham revealed that it has held more than 75 meetings with various parties to discuss topics related to crypto regulation.
According to the commissioner, last year’s cryptocurrency epidemic prompted her to work on a new proposal featuring 10 fundamentals to ensure responsible digital asset markets. Pham consults with international policy makers to explore what standards can be achieved at the global level.
CFTC Commissioner Explains Stance On Crypto
When asked about her position on the regulation of crypto assets, Commissioner Pham said they should be subject to the same standards as other financial instruments. However, she identified what she described as financial activities other than cryptocurrencies and acknowledged the need to come up with an appropriate regulatory and legal framework for them.
The commissioner said the current state of the cryptocurrency market, where industry leaders such as DCG CEO Barry Silbert and Gemini’s Cameron Winklevoss have been embroiled in public feuds, is a concern.
The commissioner hoped that regulators, including the CFTC, would work to provide more guidance and regulatory clarity to the cryptocurrency industry in 2023.
Calls for global standards in cryptocurrency regulation are growing along with industry scandals.A similar request It was produced by the Japanese financial regulator earlier this week.
Mamoru Yanase, deputy director of the Financial Services Agency’s Strategy and Development Management Bureau, has called on regulators around the world to impose stricter regulations on the cryptocurrency sector, similar to those imposed on banks. I was.