Acting CFTC chair Caroline Pham introduces public roundtables to shape crypto policy

News

Caroline Pham, acting chair of the CFTC, has announced plans to initiate public engagement in a bid to reshape policies on emerging markets such as digital assets. According to the official, the public engagement will occur through scheduled roundtables in the next few months.

The U.S. Commodity Futures Trading Commission (CFTC) has initiated public engagement through its acting chair, Caroline Pham. According to the announcement, the body will hold scheduled public roundtable discussions involving crypto space leaders and market participants to reshape crypto policies in America.

CFTC announces incoming roundtables for crypto and other emerging markets

The commission announced on January 27 that the roundtables will also involve other emerging markets outside the crypto realm. According to the announcement, the commission aims to address key issues in markets such as affiliated entities, prediction markets, and conflicts of interest in evolving trends and market structures.

“The CFTC will get back to basics by hosting staff roundtables that will develop a robust administrative record with studies, data, expert reports, and public input. A holistic approach to evolving market trends will help to establish clear rules of the road and safeguards that will promote US economic growth and American competitiveness.” 

~ Caroline Pham, acting chair of the CFTC

The commission will schedule roundtable discussions with industry leaders and market participants in the following months to allow the commission to collect data and opinions. The roundtable discussions are set to encourage collaboration among the various stakeholders to gather insights, inform regulatory frameworks, and ensure transparency in policymaking.

The announcement also detailed that the commission’s acting chair renewed calls for public engagement last year to promote transparency in the commission when implementing policy changes in the derivatives markets.

The roundtable proposal comes just a week after CFTC commissioners voted for Pham as the regulator’s acting chair after U.S. President Donald Trump’s inauguration. Trump has yet to nominate his preferred candidate as the commission’s chair. 

The former CFTC chair, Rostin Behnam, stepped down from his official role on January 20 but will remain in the commission until February 7. In one of his final statements, Behnam urged the incoming legislatures to curb the gaps in digital assets.

Donald Trump’s administration promised to make America the global crypto hub ahead of foreign adversaries such as China. While speaking at the Bitcoin Conference 2024 in Nashville, Tennessee, Trump promised the crypto community that industry rules would be written by “those who love your industry, not hate your industry.”

In this regard, Trump vowed to create a “bitcoin and crypto presidential advisory council.”

Trump begins regulatory reforms for the crypto industry

As part of these developments, Trump promised to fire former SEC chair Gary Gensler, who resigned on January 20. Gensler was well known in the industry for aggressive enforcement actions against crypto participants and organizations. Trump’s appointments in key regulatory roles also show that his administration is shaping up to bring a new approach to crypto. He appointed pro-crypto candidate Paul Atkins to replace Gensler as the new SEC chair.

Trump recently ordered the establishment of a digital asset working group to promote new recommendations around cryptocurrencies. The order also involved exploring the creation of a national crypto stockpile for the U.S. Treasury as part of fulfilling his promises to the crypto community. 

The anticipation is that the U.S. will set the pace for other countries to also consider making Bitcoin a strategic reserve asset. Countries such as Russia, Poland, Germany, and Hong Kong have already initiated discussions about adopting the digital asset.

The Trump effect has caused a ripple effect among lawmakers. The Financial Innovation and Technology for the 21st Century passed the House of Representatives in May 2024 and is expected to go to the Senate for a vote. The bill clarifies the United States securities and commodities regulator’s roles in regulating crypto and could play a key role in the growth of digital assets in America.

Cryptopolitan Academy: Are You Making These Web3 Resume Mistakes? – Find Out Here

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed

Leave a Reply