CFTC Commissioner Caroline Pham has said that US regulators and regulations from foreign countries are currently conducting “advanced discussions” regarding the development of global industry standards for crypto regulation.
According to her, she has held more than 75 meetings on this topic with representatives of departments abroad.
She has said that regulators should think about how to “use existing powers to provide the clarity that is needed now.” According to the representative of the CFTC, this means the identification of a crypto instrument and its compliance with the same standards applied to other financial instruments.
Pham also noted that the definition of guidelines for non-financial crypto activities and use cases for blockchain technology should also be explored.
She has said she hopes for a change in the regulatory field in the United States and not to be complacent with the “preservation of the status quo.”