CFTC Looks to Set Global Crypto Regulation Standards

• The U.S. Commodities and Futures Trading Commission (CFTC) 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, which would feature 10 fundamentals to ensure a responsible digital assets market.
• She has been consulting international policymakers to explore the standards that can be achieved at a global level and providing more guidance and regulatory clarity to the crypto industry.

The U.S. Commodities and Futures Trading Commission (CFTC) is looking to introduce global industry standards in crypto regulation. Commissioner Carline Pham has been working to create an industry-standard regulation for the crypto industry, which would feature 10 fundamentals to ensure a responsible digital assets market. She has been consulting international policymakers to explore the standards that can be achieved at a global level.

The announcement of the proposed regulation comes in the wake of the turmoil that hit the crypto market last year, which left several companies bankrupt or defunct. During an interview with Bloomberg, Pham revealed that she has had more than 75 meetings with various parties to discuss topics concerning crypto regulation. Commissioner Pham also commented on her stance on regulation of crypto assets, stating that they should be subject to the same standards as other financial instruments. Additionally, she acknowledged the need to identify what she described as crypto non-financial activity and come up with the appropriate regulatory and legal framework for them.

The CFTC commissioner noted that the current state of the crypto market was a matter of concern, with industry leaders like DCG’s CEO Barry Silbert and Gemini’s Cameron Winklevoss engaging in a public feud. She expressed her hope that regulatory agencies, including the CFTC, would work together to provide more guidance and regulatory clarity to the crypto industry in 2023. The calls for a global standard for crypto regulation have been growing with the scandals in the industry, and Pham’s proposal is expected to be a significant step towards achieving that goal.