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Commissioner Calls for Crypto Pilot Program to Address Regulation

Caroline Pham, a commissioner with the United States Commodity Futures Trading Commission (CFTC), has suggested a limited pilot program in an effort to address the regulation of cryptocurrencies.

In a pre-recorded message for a Cato Institute event on September 7, 2023, Pham stated that after conducting public roundtable discussions, she plans to propose a pilot program for digital asset markets. Pham believes that the U.S. needs to “play catch-up” with crypto-friendly jurisdictions and suggests that the program would resemble the regulatory sandboxes previously introduced at the state level.

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“A pilot program can create a framework for emerging technologies and market structures under our existing laws and regulations,” said Pham. “It is my hope that a pilot project to test, gather data, and develop a pragmatic approach to tokenization can ensure we continue to uphold our mandate of fostering open, transparent, competitive, and financially sound markets.”

Pham has called for a stakeholder roundtable discussion and for the CFTC to propose and adopt rules on the risks associated with cryptocurrencies based on previous successful pilot programs. At the conclusion of the program, the commission would evaluate the results and determine whether to implement the proposed changes permanently.

Serving as a commissioner at the CFTC since April 2022, Pham is one of five commissioners who have advocated for greater clarity in crypto regulation. Alongside sponsoring the commission’s Global Markets Advisory Committee, she has suggested various initiatives aimed at protecting retail investors in the crypto space.

The proposal for the pilot program comes in response to U.S. lawmakers’ efforts to clarify the roles of both the CFTC and the Securities and Exchange Commission (SEC) in regulating cryptocurrencies. In July, the House Financial Services Committee approved the Financial Innovation and Technology for the 21st Century Act, setting the stage for a potential full House vote before the year 2024.

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