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September 8, 2023CFTC commissioner calls for crypto regulatory pilot program
Commissioner Caroline Pham called for the pilot program to kick off with a stakeholder roundtable and for the CFTC to propose and adopt rules on the risks retail investors face.
A commissioner of the United States Commodity Futures Trading Commission (CFTC) has called for a pilot program to help address cryptocurrency regulation.
Caroline Pham, in a pre-recorded message for an event at the Cato Institute, stated that after public roundtable discussions, she intends to propose a pilot program for digital asset markets. She expressed concerns that the U.S. might soon need to “play catch-up” with jurisdictions that are more crypto-friendly. Pham suggested that the program could resemble regulatory sandboxes previously implemented at the state level.
Pham said, “A pilot program could establish a framework for emerging technologies and market structures within our existing laws and regulations.” She expressed hope that a pilot program designed to test, collect data, and develop a practical approach to tokenization would ensure the ongoing promotion of open, transparent, competitive, and financially stable markets. Pham recommended a stakeholder roundtable and urged the CFTC to propose and enact rules addressing the risks of cryptocurrency based on past pilot programs. At the end of the program, the commission would decide whether to permanently adopt the changes.
Pham, who has been a CFTC commissioner since April 2022, has consistently advocated for clearer cryptocurrency regulation. Besides sponsoring the commission’s Global Markets Advisory Committee, she has also supported initiatives to protect crypto retail investors.
Pham’s proposed pilot program comes after attempts by U.S. lawmakers to clarify the roles of the CFTC and the Securities and Exchange Commission (SEC) in cryptocurrency regulation. In July, the House Financial Services Committee approved the Financial Innovation and Technology for the 21st Century Act, preparing the bill for a full House vote, potentially before 2024.
