CFTC commissioner says foreign discussions over crypto standards are underway

CFTC commissioner Caroline Pham stated that multiple countries are discussing global crypto regulations during an interview with Bloomberg on Jan. 17.

Pham said that she has recently met with several international regulators to discuss the implementation of crypto standards worldwide.

Pham explained:

“[I’ve been] going out there and talking to international policy makers on what kinds of standards can we have at a global level, how do we close gaps?…I’ve had over 75 meetings and there’s a very advanced discussion happening outside the United States about this.”

It is unclear whether each of those meetings involved policymakers in a different jurisdiction or whether some meetings were repeated within the same jurisdiction.

When asked by Bloomberg about current events in the crypto industry — especially the ongoing conflict between Genesis and Gemini — Pham said that the issue “is a concern.” She said that all regulators should use their current authority to clarify what constitutes a crypto financial instrument and crypto non-financial activity. She said that appropriate regulatory and legal frameworks should be applied.

Pham also acknowledged that the CFTC has existing regulatory authority that it can use. However, she said that she would like the CFTC to “not just be satisfied with maintaining the status quo” but provide more guidance to crypto companies in 2023.

Pham also described her efforts toward allowing the CFTC to regulate digital assets. Pham noted that she was responsible for creating the Office of the Retail Advocate and that she sponsors the Global Markets Advisory Committee — both of which partially deal with crypto regulation. She also said she aims to build on her ten fundamentals for responsible digital asset markets, published last summer.

Pham has previously made statements on high-profile crypto cases. On Jan. 10, she commented on charges that the CFTC filed against Mango Markets hacker Avraham Eisenberg. At that time, she noted that products on digital asset exchanges could be considered derivatives and fall under the CFTC’s jurisdiction.

On Dec. 21, she commented on the CFTC’s charges against FTX associates Caroline Ellison and Gary Wang shortly after the SDNY announced its own charges. She called those developments an “important step for justice for victims” of FTX.