CFTC Chair Warns Crypto Industry of Strict Regulatory Oversight
Caroline Pham, chair of the US CFTC, emphasized strict regulation of the crypto industry despite pro-crypto policies from the Trump administration. At the Coinbase Annual Summit, she announced an end to the previous "regulation by enforcement" approach and a focus on combating fraud.
- CFTC will enforce laws against deceitful practices in crypto.
- Pham stated, “There is no easy street for anybody,” highlighting that innovation does not excuse illegal activity.
CFTC Chair on Crypto Adoption and Government Policies
Pham discussed integrating digital assets into daily life, likening it to Uber's entrenchment, making regulation politically challenging. She criticized the Biden administration for overstepping legal boundaries regarding crypto, affecting forex and traditional derivatives markets.
- Pham warned against altering rules for global derivatives in pursuit of regulating crypto.
- She mentioned collaboration between the SEC and CFTC on market rallies earlier this year.
Crypto CLARITY Act Advances in the US
The House Financial Services Committee approved the Digital Asset Market Clarity (CLARITY) Act with a 32-19 vote. This bill will clarify regulatory authority over crypto and may enhance CFTC oversight while defining the SEC’s role.