In a lecture to the Cato Institute on Thursday, CFTC Commissioner Caroline Pham detailed her lofty goals for crypto regulation.
The Commodity Futures Trading Commission (CFTC) should regulate the cryptocurrency market in the same way it regulates other new asset classes, namely by keeping a closer eye on it.
According to Pham’s comments, the cryptocurrency market today is like the Wild West. Pham suggested holding talks with the business community. She was also evasive on how much of a say crypto businesses should have in the industry.
Pham, who is a sponsor of the CFTC’s Global Markets Advisory Committee, used her extensive knowledge of the financial markets to argue for restoring order to the chaotic cryptocurrency industry. She spoke about a journey that took her throughout the world, where she spoke with several governmental agencies and central banks.
Pham thinks there is widespread agreement among policymakers in other countries on the need to promote sustainable economic development. Pham compared this aggressive strategy to the American propensity towards complacency. She said this was especially true in the blockchain and digital asset industries.
Pham said that the United States should take aggressive actions to take advantage of the possibilities presented by blockchain technology and digital assets rather than taking a “wait and see” strategy.
Pham argues that the lack of “regulatory clarity” and “robust guardrails” in the crypto regulatory space is a major problem.
Pham’s frequent requests for a stricter stance on cryptocurrency by the CFTC stem from this conviction, she claimed. To go up arms against the industry in the manner of SEC Chairman Gary Gensler.
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