• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, August 13, 2022
Online Crypto College
Advertisement
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
Online Crypto College
No Result
View All Result

CFTC Commissioner Pham Discusses Crypto Regulation And Customer Protections With CNBC And Yahoo! Finance

June 1, 2022
in Regulation
Reading Time: 3 mins read
A A
ShareShareShareShareShare

Related articles

Bitcoin’s Privacy Problem—And What Cypherpunks Are Doing to Solve It

August 12, 2022

Tornado Cash’s Sanctions Show Shift in Crypto Regulatory Focus

August 12, 2022

Commodity Futures Trading Commissioner Caroline D. Pham discussed crypto regulation and customer protections with CNBC at the DC Blockchain Summit on May 24 and with Yahoo! Finance Live last week. 

 

 

Excerpts from Commissioner’s Pham Interview with CNBC Crypto World

 

On shadow banking:

“For Commissioner Caroline Pham of the Commodity Futures Trading Commission, the UST meltdown highlights just how much action regulators need to take to protect against a possible return of shadow banking — that is, a type of banking system in which financial activities are facilitated by unregulated intermediaries or under unregulated circumstances. Pham says a lot of existing safeguards could do the trick. “‘It’s always faster to stand up a regulatory framework when it’s already existing,’ said Pham. ‘You’re just talking about extending the regulatory perimeter around newer, novel products.’”

On stablecoins:

“’The key question that regulators and lawmakers need to address is whether stablecoins, including the subset of algorithmic stablecoins, are in fact derivatives,’ says Pham…. ‘The SEC regulates securities, but for everything that is not a security, the CFTC probably has some regulatory touchpoint over it…. We have the regulation over derivatives based on commodities, but we also have certain areas … where we directly regulate spot markets,’ said Pham. ‘The last time we had…something blow up like this in the financial crisis — risky, opaque, complex financial products — Congress came up with a solution for that, and that was with Dodd-Frank,’ continued Pham, referring to the Wall Street Reform and Consumer Protection Act, passed in 2010 in response to the Great Recession.”

On customer protection:

“‘If people started to think about some of these really novel crypto tokens as frankly, lottery tickets, when you go and you buy a lottery ticket, you might strike it big, and get rich quick, but you might not,’ said Pham. ‘I think what I’m worried about is that without appropriate customer protections in place, and the right disclosures, that people are buying some of these crypto tokens thinking that they’re guaranteed to strike it rich,’ she said.”

Read the full story here, watch clips here, and watch the full interview here.

 

 

CFTC Commissioner Pham Discusses Crypto Regulation and Customer Protections with Yahoo! Finance
Excerpts from Commissioner Pham’s Interview with Yahoo! Finance Live

 

On crypto regulation: “It’s so clear with the blowup in Terra and the knock-on effects to broader crypto markets that regulators cannot fail to act any longer to do something to make sure we’re protecting the retail public, especially when you’ve had billions of dollars in value destroyed. And that’s why I said in my op-ed, together with SEC Commissioner Peirce, that we really need to call for public roundtables to examine what exactly happened, get the input and the expertise of the public, and how do we do responsible and pragmatic crypto regulation so that way this doesn’t happen again in the future? I mean, Congress is working on solutions to try to make sure we have a holistic crypto regulatory framework in the United States, but we can do a lot right now to address this problem, tackle it together, and find a solution to protect the public…. So I really welcome the efforts of Congress to provide a clear and holistic regulatory framework over crypto, and to make it very clear and even to expand the CFTC’s jurisdiction in this space, to make sure that there’s that clarity for the industry so that way there can be more growth in compliant digital asset markets with adequate protections for the retail public.”

On enforcement:

“[I]t’s very clear that we have fraud and manipulation authority over those [crypto] spot markets. That’s why we’ve brought over 50 enforcement actions with about, you know, $750 million in penalties…. it’s bread and butter for the CFTC to be policing the fraud in the swaps markets [as well]. We’ve brought over billions of dollars in actions, and even just this week we announced a $1.18 billion penalty and recovery, the largest ever in the CFTC’s history. So we’re very strong on enforcement, but also we are monitoring and surveilling the markets constantly.”

Watch the interview and read the transcript here.

Credit: Source link

ShareTweetSendPinShare
Previous Post

EU Regulator Warns Soaring Inflation Could Drive Investors to Crypto — Calls for Unified Regulatory Framework – Regulation Bitcoin News

Next Post

UAE Mall Majid Al Futtaim Signs Strategic Partnership with Binance Exchange

Related Posts

Bitcoin’s Privacy Problem—And What Cypherpunks Are Doing to Solve It

August 12, 2022

As the U.S. government ramps up its crypto regulatory efforts, it is targeting privacy-protecting projects like never before. The crypto...

Tornado Cash’s Sanctions Show Shift in Crypto Regulatory Focus

August 12, 2022

The U.S. Treasury Department’s decision to crack down on cryptocurrency platform Tornado Cash for allegedly being used to launder stolen...

Talk of regulation, market conditions collide with glitzy behaviour at Blockchain Futurist Conference

August 12, 2022

At the crypto cabana there was no sign of a downturn. “I know there’s inflation at like eight and a...

SEC Recent Crypto Asset Insider Trading

August 12, 2022

On July 21, 2022, the US Securities and Exchange Commission (SEC) filed a civil enforcement action alleging that from at...

India’s ED freezes $46 million of Vauld’s funds on money-laundering charges

August 12, 2022

Singapore-based Crypto Lender Vauld is facing money laundering charges in India after $46.5 million (3.70 billion Indian rupees) was frozen...

Load More
Next Post

UAE Mall Majid Al Futtaim Signs Strategic Partnership with Binance Exchange

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Flow Price Jumps 100% After Meta Announced To Partner For Its NFT

August 6, 2022

“Bitcoin Family” Loses $1 Million In Bear Market, What’s Next For Them?

August 11, 2022

Top Five Crypto Projects to Watch in the Final Phase of 2022

August 8, 2022

BORA to Establish Cross Chain with Polygon in expanding Web 3.0 Market: KBW 2022

August 8, 2022

Uniglo Presale Starts; CRO & NEAR Holders Moves Over To GLO

August 7, 2022

About Us

This is an online news portal that aims to provide the latest Crypto news, Altcoins, blockchain, regulations and much more stuff like that around the world. Feel free to get in touch with us!

What’s New Here!

  • PicPay Has Launched A Crypto Exchange In Collaboration With Paxos
  • 3 trends that will shape the future of Bitcoin mining
  • Bitcoin’s Privacy Problem—And What Cypherpunks Are Doing to Solve It

Newsletter

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$24,667.002.86%
  • ethereumEthereum(ETH)$1,971.693.76%
  • tetherTether(USDT)$1.00-0.04%
  • usd-coinUSD Coin(USDC)$1.000.07%
  • binancecoinBNB(BNB)$326.530.70%
  • rippleXRP(XRP)$0.3812840.94%
  • cardanoCardano(ADA)$0.541.88%
  • Binance USDBinance USD(BUSD)$1.000.19%
  • SolanaSolana(SOL)$47.409.14%
  • polkadotPolkadot(DOT)$9.502.75%
  • dogecoinDogecoin(DOGE)$0.0730092.22%
  • AvalancheAvalanche(AVAX)$30.123.44%
  • Lido Staked EtherLido Staked Ether(STETH)$1,915.843.77%
  • Shiba InuShiba Inu(SHIB)$0.0000132.44%
  • matic-networkPolygon(MATIC)$0.986.13%
  • daiDai(DAI)$1.000.03%
  • tronTRON(TRX)$0.0710550.47%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$24,668.002.78%
  • ethereum-classicEthereum Classic(ETC)$43.604.16%
  • OKBOKB(OKB)$21.2513.83%
  • NEAR ProtocolNEAR Protocol(NEAR)$6.074.62%
  • leo-tokenLEO Token(LEO)$4.883.59%
  • litecoinLitecoin(LTC)$63.382.39%
  • chainlinkChainlink(LINK)$9.333.19%
  • FTXFTX(FTT)$31.512.83%
  • UniswapUniswap(UNI)$9.171.00%
  • CronosCronos(CRO)$0.1560072.33%
  • cosmosCosmos Hub(ATOM)$12.193.70%
  • stellarStellar(XLM)$0.1274421.37%
  • FlowFlow(FLOW)$3.000.53%
  • moneroMonero(XMR)$166.644.15%
  • bitcoin-cashBitcoin Cash(BCH)$144.791.34%
  • algorandAlgorand(ALGO)$0.3717572.25%
  • vechainVeChain(VET)$0.0335800.97%
  • filecoinFilecoin(FIL)$8.793.70%
  • ApeCoinApeCoin(APE)$7.031.24%
  • Internet ComputerInternet Computer(ICP)$8.372.46%
  • decentralandDecentraland(MANA)$1.081.98%
  • HederaHedera(HBAR)$0.0837783.19%
  • ChainChain(XCN)$0.087061-1.40%
  • Axie InfinityAxie Infinity(AXS)$19.865.89%
  • tezosTezos(XTZ)$1.941.08%
  • The SandboxThe Sandbox(SAND)$1.351.64%
  • QuantQuant(QNT)$128.493.40%
  • Lido DAOLido DAO(LDO)$3.0717.49%
  • theta-tokenTheta Network(THETA)$1.642.21%
  • AaveAave(AAVE)$114.984.87%
  • ElrondElrond(EGLD)$67.132.23%
  • Celsius NetworkCelsius Network(CEL)$3.4643.25%
  • FraxFrax(FRAX)$1.000.04%