Caroline Pham, Commissioner of the Commodity Futures Trading Commission (CFTC), discusses the ongoing question of whether Ether should be classified as a security or a commodity. She highlights the need for the CFTC and SEC to work together to clarify this distinction, pointing out that anything can be considered a commodity in the US, but that the SEC has exclusive authority over securities.
Faced with the volatility of the Bitcoin market, Pham expressed concern about speculative activity and the importance of increased regulatory oversight. She mentions bills in Congress aimed at regulating cryptocurrencies, with a particular focus on the FIT Act bill, which seeks to clarify the regulatory boundaries between the SEC and CFTC.
Pham discusses international regulatory gaps, particularly between the US and Hong Kong, and the importance of aligning US regulations with international standards to ensure financial stability. She predicts greater regulatory clarity in the next 24 months through the global adoption of regulatory frameworks for crypto assets.
Finally, it warns against fraud and misconduct amid high volatility in cryptocurrency prices, reiterating the need for constant regulatory vigilance.
Bloomberg TV provided by MT Newswires
