The U.S. Commodities and Futures Trading Commission is reportedly looking to implement global industry standards in crypto regulation. CFTC Commissioner Carline Pham has indicated that she was working to bring an industry standard regulation for the crypto industry.Commissioner Pham’s comments come in the wake of the turmoil that hit the crypto market last year, which left several companies bankrupt or defunct.
According to the Commissioner, last year’s crypto contagion had encouraged her to work on a new proposal that would feature 10 fundamentals to ensure a responsible digital assets market. Pham has been consulting international policymakers to explore the standards that can be achieved at a global level.When asked about her stance on regulation of crypto assets, Commissioner Pham stated that they should be subject to the same standards as other financial instruments.
Speaking on the current state of the crypto market that has led to industry leaders like DCG’s CEO Barry Silbert and Gemini’s Cameron Winklevoss to engage in a public feud, the commissioner stated that it was a matter of concern. The commissioner hoped that regulatory agencies, including the CFTC, would work to provide more guidance and regulatory clarity to the crypto industry in 2023.
Calls for a global standard for crypto regulation have been growing with the scandals in the industry. A similarThe deputy director-general of the Financial Services Agency’s Strategy Development and Management Bureau, Mamoru Yanase, urged regulators around the globe to implement tougher regulations on the crypto sector, similar to those imposed on banks.Subscribe to get it daily in your inbox.