A more relaxed approach of Trump’s administration to cryptocurrencies does not mean that the trade commission of freight Futures will provide an uncomplicated driving industry, says the chairwoman of the agency, Caroline Pham.
“There is no easy street for anyone, and the regulatory authorities are not easy”, PHM he said Yahoo Finance at the annual Coinbase summit on Thursday.
“Only because we are pro-innovation, and pro-proxies does not mean that you will be able to escape from breaking the law.”
“And here I am talking about not twisting the law in order to criminalize the class of asset or technology, but I’m talking about lying, cheating and theft,” she added.
Pham said that she was elated that CFTC was able to definitely “end the regulation by enforcing the law” against Crypto and be able to focus on “catching cheaters and cheaters on our markets.”
Going beyond the law
Pham said that Biden administration “really went beyond what the law said and what the act says” on cryptography, adding that her approach also harmed the customary markets of forex derivative and markets.
“When we start changing the rules for […] Global derivative markets, because we try to be creative and “bend” to follow what we perceive as bad or bad – cryptographic or blockchain – this really breaks the tissue of our global markets. ”
Uberizing Crypto
The editor -in -chief of Yahoo Finance, Brian Sozz, asked PHM to clarify her previous commentary on “Uberizing Crypto”, which means changing the industry through a novel service, such as this, such as the Uber driving application has disturbed the taxi.
Pham explained that this means that digital assets so broadly accepted and integrated with the everyday life of people that their ban or criminalization becomes politically impossible, just like Uber is now too determined to be definitely closed.
“When something becomes so big, so accepted, so part of our lives, you can’t really take it. The audience, people, voters will not let you,” Pham said.
Cryptual clarity
Pham’s comments appeared in the same week in which the Cryptocurrency Market Structure Act, the Clear Act, adopted the Committee for Financial Services on Tuesday.
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If it is approved, the Act will explain which regulatory authority, the Securities and Stock Exchange Commission or CFTC supervises the crypto, with greater power that will be transferred to the latter.
Pham said that she was planning to move “to the private sector” to make room for the head of the cryptocurrency policy A16Z Brian Quinttez, who would accept the helmet until voting in the Senate.
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