Caroline Pham, the Commissioner of the Commodity Futures Trading Commission (CFTC), has proposed a pilot program for the regulation of cryptocurrencies. Additionally, this pilot program aims to position the United States ahead of other countries and make crypto markets more secure and transparent.
Furthermore, Caroline Pham announced that this pilot program would commence with a roundtable meeting, bringing together all stakeholders involved in regulating crypto assets. During the meeting, discussions will revolve around the current state of crypto markets and their regulatory needs.
CFTC Taking the Lead in Crafting Crypto Rules
In the next phase of the pilot program, the CFTC will take the lead in designing and proposing rules for regulating crypto assets. These rules will aim to ensure the integrity and impartial access of financial markets, promote liquidity and competition, address potential conflicts and risks, prevent fraud, malicious practices, and manipulation.
Advocating Positive Impact on Financial Markets
Pham also emphasized her belief that this approach would positively contribute to financial markets. She noted that regulating crypto assets could help protect investors and markets while also fostering innovation.
At the conclusion of the pilot program, the collected data will be carefully analyzed to determine whether these rules should undergo permanent changes.
CFTC Announces Sanctions on Three DeFi Protocols
Finally, in recent news, the CFTC announced sanctions on three DeFi protocols for engaging in illegal digital asset trading. The DeFi companies Opyn, ZeroEx, and Deridex were each fined a total of $550,000 for their involvement in illegal digital asset trading activities. You can read more details about this news in the article below.
Source: The Block
