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CFTC Commissioner Calls for ‘Robust Guardrails’ Around Crypto Industry

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The Commodity Futures Trading Commission (CFTC) should follow the same regulatory approach to the cryptocurrency market that it has applied to other emerging asset classes, and exercise much tighter oversight.

That’s the view of Commissioner Caroline D. Pham, who told a gathering at the Cato Institute think tank on Thursday of the need for “responsible innovation” and a “compliant” digital asset market.

CFTC Commissioner Urges Tighter Controls on Innovation

Pham’s remarks implied that the current cryptocurrency market is the Wild West. Pham advocated a dialogue with the industry. At the same time, she was vague on how much of a voice crypto firms should really have.

In her pitch for bringing the unruly crypto sector into line, Pham cited her broad experience as a sponsor of the CFTC’s Global Markets Advisory Committee. She recounted an international tour that brought her into contact with many regulators, finance ministries, and central banks.

In Pham’s view, those who make policy in other jurisdictions show a high degree of unity around the need to foster economic growth in a responsible way. Pham contrasted this robust approach with what she sees as a tendency in America to rest on laurels. This is particularly the case, she argued, in the blockchain and digital assets space.

“A ‘wait and see’ approach in the US towards the potential opportunities of blockchain technology and digital assets falls short of the proactive measures needed in this rapidly evolving industry,” Pham argued.

According to Pham, “regulatory clarity” and “robust guardrails” are missing when it comes to crypto regulation

This belief explains Pham’s repeated calls for the CFTC to adopt a much tougher stance on crypto, she said. To act, in other words, like Gary Gensler’s SEC, which has effectively declared

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Author: Michael Washburn

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