- CFTC Commissioner Caroline Pham has called for global industry standards in regulating cryptocurrencies.
- Regulators have called for better clarity and direction for the crypto industry in 2023.
- The commissioner’s comments came a day after Japan’s Financial Services Authority requested that cryptocurrencies be regulated like banks.
Caroline Pham, one of the four commissioners of the US Commodity and Futures Trading Commission (CFTC), has called for global industry standards in regulating the cryptocurrency industry. In a recent interview, Commissioner Pham commented on the state of the cryptocurrency market in the wake of the turmoil caused by a series of bankruptcies and scandals that began last year.
She revealed that the cryptocurrency contagion of 2022 initially prompted her to work on a new proposal. The commissioner had explored the option of public roundtables last year to determine their ability to assess the risks and interconnections that led to the cryptocurrency contagion last year.
Events in the crypto industry throughout 2022 had an impact on her upcoming proposal. The proposal will reportedly include 10 essentials that will ensure a responsible digital asset market.
Commissioner Pham has been consulting with international policymakers to explore achievable standards at the global level. “I’ve had over 75 encounters…
The CFTC commissioner wants the publication to see the industry standard regulation for cryptocurrencies appear for the first time in Coin Edition.