Caroline Pham, the acting chair of the Commodity Futures Trading Commission (CFTC), stated that crypto markets will not receive leniency, indicating that regulators are committed to enforcing laws against misconduct. During the Coinbase Annual Summit, Pham remarked, "There is no easy street for anybody, and regulators aren’t easy," clarifying that while the CFTC supports innovation, it will not overlook illegal activities. Pham praised the agency's progress in shifting away from regulation through enforcement to focus on identifying fraud and scams.
Moreover, Pham expressed concerns that the Biden administration's approach could disrupt traditional financial marketplaces, arguing that bending the rules for crypto could undermine the integrity of global derivatives markets. She explained the term "uberizing crypto," which refers to making digital assets integral to daily life, rendering them politically untouchable.
In a related development, the House Financial Services Committee recently voted in favor of the CLARITY Act, legislation that seeks to define regulatory oversight between the CFTC and the Securities and Exchange Commission (SEC). If passed, this bill could grant the CFTC increased authority over crypto assets. Pham stated she would transition to the private sector as Brian Quintez prepares to take her position pending Senate approval.
Moreover, Pham expressed concerns that the Biden administration's approach could disrupt traditional financial marketplaces, arguing that bending the rules for crypto could undermine the integrity of global derivatives markets. She explained the term "uberizing crypto," which refers to making digital assets integral to daily life, rendering them politically untouchable.
In a related development, the House Financial Services Committee recently voted in favor of the CLARITY Act, legislation that seeks to define regulatory oversight between the CFTC and the Securities and Exchange Commission (SEC). If passed, this bill could grant the CFTC increased authority over crypto assets. Pham stated she would transition to the private sector as Brian Quintez prepares to take her position pending Senate approval.
