A commissioner for the U.S. Commodity Futures Trading Commission (CFTC), Caroline Pham, has called on authorities to release more detailed guidelines on crypto assets in 2023.
In an interview with Bloomberg, Pham revealed that ongoing negotiations about crypto regulations are taking place with global players. She also mentioned that several discussions are taking place in other countries concerning international industry standards for crypto regulation.
Pham stated that she has participated in over 75 meetings with various parties to discuss issues related to cryptocurrency regulation and emphasized that advanced discussions are taking place globally about the types of standards that could be used outside of the United States.
When questioned about recent events that have drawn global attention to the cryptocurrency industry, such as the legal challenges faced by Gemini and Genesis, Pham explained that regulators must consider how to use existing regulations to provide the clarity that is currently needed.
According to Pham, identifying and subjecting a crypto financial instrument to the same rules as conventional financial instruments are necessary. She also added that investigating blockchain technology use cases and identifying frameworks that apply to non-financial crypto activity is needed.
Pham stated:
“What I’d like to do is to see the CFTC and other regulators provide more guidance this year and I’m very hopeful that perhaps we will see more clarity in the United States.”
At a crypto event at Princeton University in December 2022, the head of the United States Commodity Futures Trading Commission (CFTC), Rostin Behnam, stated that Bitcoin is the only cryptocurrency asset that can be considered a commodity. This statement contrasts his earlier remarks from October, in which he stated that Ether could also be considered a commodity.
There has been a continuous debate about which cryptocurrencies the law considers to be commodities.
Gary Gensler, the chairman of the U.S Securities and Exchange Commission, opined that Ethereum (ETH) should be classified as a commodity. He argues that staked ETH tokens might qualify as securities under the Howey test because the token switched to a Proof-of-Stake (PoS) consensus mechanism.
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