The more relaxed attitude of the Trump administration towards the crypto does not mean that the Commodity Futures Trading Commission will offer the industry an easy conduct, explains the actor of the agency, Caroline Pham.
“There is no easy street for anyone, and regulators are not easy,” Pham told Yahoo Finance at the annual Coinbase summit on Thursday.
“It is not because we are pro-innovation and pro-growth that you can get out of it with breaking the law.”
“And this is where I am talking about not twisting the law to criminalize an asset class or a technology, but I’m talking about lying, cheating and flying,” she added.
Pham said that it was delighted that the CFTC was able to “end the regulations by laws” against crypto and get attention to “the capture of fraudsters and crooks on our markets”.
Go beyond the law
Pham said that the Biden administration “was really going beyond what the law says and what the status says” on the crypto, adding that its approach had also harmed traditional derivatives and the Forex markets.
“When we start to modify the rules to […] The global derivative markets because we are trying to be creative and to “flex” to continue what we perceive as bad or bad – crypto or blockchain – which really breaks the fabric of our global markets. »»
Ubulant crypto
Brian Sozzi, editor -in -chief of Yahoo Finance, asked Pham to explain his previous comment on the “Uber crypto”, which means changing an industry through a new service, such as the way in which the carpooling application has disrupted taxis.
PHAM explained that this means that the manufacture of digital assets so largely adopted and integrated into the daily life of people that ban or criminalizing them becomes politically impossible, similar to the way Uber is now too established to be closed decisively.
“When something becomes so big, if accepted, so part of our lives, you can’t really withdraw it. The public, people, voters, they won’t leave you,” said Pham.
Crypto Clarity Bill advances
Pham’s comments took place the same week as the Crypto market structure bill, the Clarity Act, adopted a vote from the Chamber’s Financial Services Committee on Tuesday.
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If it is approved, the bill would clarify which regulator, the Securities and Exchange Commission or the CFTC, would supervise the crypto, with more authority which should be given to the latter.
Pham said she was planning to move “in the private sector” to make way for the Crypto A16Z policy, Brian Quinez, who will take the bar while waiting for a vote in the Senate.
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