CFTC’s Pham Proposes For New Office That Focuses On Retail Trading And Has Focus On Protecting Crypto

The CFTC’s new “Office of Retail Advocate,” suggested by Commodity Futures Trading Commissioner Caroline Pham, might be a part of a larger agency-wide initiative to more directly regulate the cryptocurrency markets.

“If there are areas of the financial system that are apparently outside and unregulated, such as a ‘shadow’ crypto financial system — shadow banking 3.0 — then the appropriate response is to bring them inside,” said Pham, in a speech given at an event hosted by blockchain project Corda in London yesterday, the latest stop in a digital asset outreach tour.

“And while Congress continues its work on developing legislation, there may be other ways as well to make sure the CFTC and others are exercising the full extent of their existing market oversight, supervisory, and enforcement authorities.”

Pham cited in particular, “the crypto crash, risk management failures, and substantial retail losses,” as reason to launch a new office focused on retail investors at the agency. 

The CFTC commissioner also pointed to CFTC enforcements

The CFTC’s campaign for increased control over cryptocurrency markets has gained traction in Congress, particularly for legislation in the committee that supervises the agency, the Senate Agriculture Committee. It’s possible that a committee may vote on legislation shortly to give the commission more direct control over cryptocurrency markets, but it’s not certain if the entire Senate will vote on it before the current Congress adjourns.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News