Caroline Pham, commissioner of the Commodity Futures Trading Commission (CFTC), recently called on the regulator to provide clearer guidance on crypto assets in 2023.
In an interview with Bloomberg, Pham stated that discussions with global players regarding crypto regulation are ongoing. Government officials say that many foreign discussions are currently taking place about global industry standards for crypto regulation.
According to Pham, he has had more than 75 meetings with various parties to discuss the topic of crypto regulation. CFTC commissioners suggest that “very advanced discussions” are taking place outside the United States about what standards can be applied globally.
When asked about recent issues that highlight flaws in the space, such as the Gemini and Genesis legal issues, Pham noted that regulators should think about “using the authority that exists to provide the clarity that is needed now.”
The commissioner noted that this means recognizing crypto financial instruments and holding them to the same standards as other financial instruments. Pham also said that the identification of frameworks applicable to non-financial crypto activities and blockchain technology use cases should also be explored.
Pham stated that he expects more guidance from US-based regulators in 2023. He said:
“What I’d like to see is the CFTC and other regulators giving more guidance this year and I hope we can see that more clearly in the United States.”
Finally, Pham said it’s important to think about what can be done and not just be content with “maintaining the status quo.”
related: CFTC commissioner proposes office to focus on retail crypto investors
In other news, Bank of England governor Andrew Bailey recently questioned the need for a digital pound. According to the official, the central bank’s digital currency may not be necessary because it already has a settlement system in the UK.