CFTC Commissioner Caroline Pham has advocated for a limited pilot program to regulate digital assets in the US. Speaking at a Cato Institute event, she stressed the need for a regulatory sandbox to keep the US up to date with crypto advancements. Pham pointed out that the US is falling behind in standardizing crypto regulations and proposed a program similar to state-level sandboxes.
Pham’s proposal includes launching the first-ever US pilot program for digital asset markets under the CFTC. She believes that the current wait-and-see approach is causing the US to miss out on the technology’s benefits. Pham suggests that the CFTC should adopt regulations based on the results of previous programs and make them permanent based on the sandbox’s conclusion.
She stated, “A pilot program can create a framework for emerging technologies and market structures under our existing laws and regulations. It is my hope that a pilot to test, gather data, and develop a pragmatic approach to tokenization can ensure we continue to uphold our mandate to fostering open, transparent, competitive and financially sound markets.”
It’s worth noting that last month, the CFTC imposed multi-million dollar penalties on several large firms, including Wells Fargo and the Bank of Montreal, for off-channel employee usage of WhatsApp and iMessage.
By FCCT Editorial Team
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