Commissioner of the CFTC Caroline Pham has urged regulators in the crypto space worldwide to provide clearer guidelines for assets in the crypto sector. At an interview, the CFTC boss said that the organization is in talks with regulators to effect this change. She stressed that if the talks are successful, there could be a standard to regulate crypto on a global level.
The CFTC boss is in talks with 75 regulators
Pham said the talks were happening outside the US, which meant it was getting into serious stages. According to the CFTC boss, she had already discussed this possibility with over 75 organizations worldwide. She mentioned that the talks centered on regulations that could suit the growing sector.
The regulator also talked about the flaws in the crypto space, using the woes of firms like FTX as a yardstick. She mentioned that regulators should be able to modify the existing laws to cater for events like that. This means that regulators should highlight what a financial instrument in the crypto sector is and put it under the same microscope as other financial objects.
Pham wants regulators to be creative
The CFTC boss also said that regulators need to create laws that guard other areas of the crypto sector that are not concerned with finances. She clarified that she expects regulators in the US to make better and clearer laws for the industry this year. She claims that once this is achieved, it could help traders and firms be at peace by knowing what law works for the different instruments. Pham also said that the industry is always evolving, so regulators should not be okay with the existing laws.
She expects them to always look into the already set rules to ensure they are foolproof. Meanwhile, developing a digital pound is currently causing issues in England. A recent statement from the governor of the premier bank questioned the need to create a digital version of the country’s currency. He noted that since there is already an active means to settle payments digitally in the country, there is no need to adopt another digital system. He stressed that this could disrupt the already existing system.
