US Commodities Futures Trading Commission (CFTC) Commissioner Caroline Pham thinks that there needs to be a government-run pilot program in order to be the answer to crypto regulation.
The CFTC could sponsor a program to “support the development of lawful digital asset markets and tokenization,” Pham said in a recorded speech presented at a Cato Institute event on Thursday.
Pham proposed that the program have a time limit and be designed based on discussions between regulators and interested parties. Interested parties and the CFTC could set guidelines for firms to qualify, register, and manage risks appropriately, he added.
“I am optimistic that this approach will ensure the integrity of our markets… promote liquidity and competition, address potential conflicts and risks and prevent fraud, abusive practices and manipulation,” Pham said.
Crypto and international regulatory innovation is happening quickly, Pham said, so it’s critical for US agencies to implement policies that work well for everyone.
Crypto innovation and international regulations are happening quickly, Pham said, so it’s critical for US institutions to implement policies that work well for everyone.
“We’re missing opportunities to capitalize on the full benefits of existing technologies, while other countries are taking a more strategic and long-term view,” Pham said. “The US may soon be left behind, unable to effectively utilize these technologies for economic growth.”
Pham’s comments on Thursday are not the first time the CFTC Commissioner has praised crypto for its disruptive potential.
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