In a recent interview at the Coinbase Summit at State Crypto, the Future Trading Committee of Commodities (CFTC) participated in the future in the future of the agency’s encryption regulation under pro -conference management.
It will not criminalize CFTC Crypto
On Thursday, the Acting CFTC chair, Caroline Fam, He said Brian Suzy from Yahoo financing that the regulations will not be easy for anyone, including the encryption industry, despite the end of the “organization by enforcement” approach under the new administration.
Fam explained that “there is no easy street for anyone, and that the organizers are not easy,” adding that the shift in the agency towards the strategy supporting resuscitation does not mean that companies can bend and move away from the law.
She explained that the new CFTC approach will not “surround the law to criminalize the class of assets or technology”, such as the previous administration. Instead, it will focus on hunting fraudsters and scammers in the market. “This was our basic mission to prevent fraud, manipulation, and abuse in our markets and help the victims,” Fam confirmed.
In the interview, the organizational agency chair showed its previous comments about “Uberlizing”, sharing that it means integrating digital assets effectively into daily life so that its ban or criminalization becomes almost impossible, as Uber did with the transport industry.
“When there is something big, very acceptable, part of our lives, you cannot really take it at the time. The audience, the people, the voters, will not allow you,” noting that the application of the passenger participation has caused a revolution in the industry, which led to the fact that many people try to fight it in vain.
VAM considers that the “Uberization” for the industry should be the goal to prevent Crypto from criminalizing it unfairly as a concept or technology. “The way you do is bring him to people, people will speak, and voters will speak.”
Restore organizational clarity
Speaking of the previous administration, Fam indicated that the Securities and Stock Exchange Committee (SEC) and CFTC “really exceeded what the law and what the statute says,” which was a common criticism of the US monitoring.
It condemned how the agency re -interpreted the current laws that apply to traditional markets to notice what they consider “bad or evil”, such as encryption technology and Blockchain, without regard to unintended consequences for the global economy and global markets.
When we start changing the rules (…) global derivative markets of 700 trillion because we are trying to be creative and bend to move forward with what we see is bad or evil, you know, encrypt or blockchain, and it really breaks the fabric of our global markets.
That is why “restoring the well -developed legal precedents, how CFTC and the interpretation of the law for decades, to restore this regulatory clarity” were a priority under its leadership.
It is worth noting that PAM has repeatedly called for the organizational clarity of the encryption industry, and suggested that the joint advisory committee between CFTC and SEC.
Earlier this year, the organizational agencies were said to have been discussing their options to cooperate effectively in digital asset regulations, after the launch of the SEC encryption squad led by Commissioner Hyster Peres.
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