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In what can only be termed an innovative idea, CFTC Commissioner Caroline D. Pham put forward a time-limited crypto pilot program for regulating crypto currency. She presented her own views, and they do not represent the CFTC.
Previously, Caroline Pham has suggested a number of crypto initiatives as the head of the CFTC’s Global Markets Advisory Committee. She has also established a sub-committee for Digital Assets.
The Pilot
In her remarks at the Cato Institute event on Thursday, Caroline recommended a time-limited CFTC pilot program to foster the development of digital assets and tokens.
At the round table, she mentioned a plausible option that involves a program drawn from the components of past pilot programs.
The components she mentioned include “registration and eligibility requirements, financial resources and other conditions, risk management, products and contract terms, and other requirements including disclosures and reporting.”
It is evident that Caroline Pham has positive intentions towards setting crypto regulations. Pham has repeatedly urged the U.S. government to provide more crypto regulatory clarity.
Also Read: US FDIC Chair Warns Of Banking Crisis Risk; Will Bitcoin Benefit?
A Political Angle?
Since Caroline arrived at the CFTC, she has put forward several crypto-related initiatives, including a proposal with Hester Peirce from the Securities and Exchange Commission.
The op-ed with SEC Commissioner Hester Peirce called for a public roundtable to propose reforms after the crypto market crash.
However, Rostin Behnam, the Chairman of CFTC, does not embrace the crypto industry with a friendly outlook. Behnam has previously targeted Binance on numerous occasions.
It’s worth noting that Behnam is a Democratic appointee, whereas Pham represents the Republican seats.
The Democratic lawmakers side with the SEC and Gary Gensler, who is on a crusade against the crypto industry. However, the regulations of the spot markets should be under the CFTC’s guidance.
The regulatory entity for spot crypto products remains shrouded due to the need for legislative clarity.
However, only with time will we know if the idea of a Pilot Crypto Regulation Program by Caroline Pham will see the light of the day or remain in the shadows like the rest of her initiatives.
Also Read: Grayscale Asks SEC’s Cooperation for Converting Its GBTC to Spot Bitcoin ETF
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