June 21, 2022

CFTC Commissioner Caroline Pham on Why US Crypto Regulators Get a B- Ep. 365

56 minutes

Caroline Pham, commissioner at the Commodities Futures Trading Commission, discusses how we should build a regulatory framework for crypto assets, whether the SEC and CFTC should work together, what were the consequences of the Terra collapse, and much more. Show highlights:

how Cmr. Pham got started in crypto and became a CFTC commissioner

the importance of the regulatory strategy around crypto

what crypto’s role is in the financial system

how bitcoin is a sort of money outside of the traditional financial system

how friendly regulators should be with the industries they regulate

why she believes transparency is one of the greatest ideals of American democracy

how Cmr. Pham believes in self-determination and the power of free markets

why Cmr. Pham published an op-ed with SEC Commissioner Hester Peirce

how the Terra collapse incentivized regulators to look deeper into the space

whether the US approach towards regulation can improve

the role of the regulatory agencies in making the US the financial leader of the world

what Cmr. Pham thinks about the new Gillibrand and Lummis bill

whether SEC Chair Gary Gensler is right about the majority of cryptos being securities

what are the low-hanging fruit opportunities for regulators when it comes to crypto

how Cmr. Pham believes we should have a global regulatory framework for crypto

why she believes algorithmic stablecoins are derivatives

why things like Terra could act as a “shadow banking 3.0”

whether there is a way to regulate without having intermediaries

what Cmr. Pham thinks about FTX proposal to bypass futures commission merchants

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Beefy Finance: https://beefy.finance/

EPISODE LINKS

Caroline Pham

Twitter: https://twitter.com/CarolineDPham

CFTC Profile: https://www.cftc.gov/About/Commissioners/CarolineDPham/index.htm

Stablecoin regulation

Financial Times article: https://www.ft.com/content/981c380f-bb1c-45bd-8d0d-a95b15d96a00

CNBC on crypto regulation: https://www.cnbc.com/2022/06/03/cryptocurrency-industry-focus-regulation-stablecoins-market-crash.html

Unchained Coverage: Why Crypto Twitter’s Disrespect Toward Regulators Is a ‘Really Bad Business Decision’: https://unchainedpodcast.com/why-crypto-twitters-disrespect-toward-regulators-is-a-really-bad-business-decision/

Unchained Coverage: Can a DeFi Smart Contract Be Regulated? Two CFTC Commissioners Discuss: https://unchainedpodcast.com/can-a-defi-smart-contract-be-regulated-two-cftc-commissioners-discuss/

FTX proposal to serve as the trading engine for derivatives:

https://www.forbes.com/sites/jasonbrett/2022/04/27/the-ftx-us-proposal-that-shook-congress-and-the-crypto-derivatives-world/?sh=3dac29ef4e19

Unchained Coverage: FTX Wants to Compete with CME – Here’s Why It’s a Big Deal: https://unchainedpodcast.com/ftx-wants-to-compete-with-cme-heres-why-its-a-big-deal/

Hester Peirce

Caroline’s op-ed with SEC Commissioner Hester Peirce: https://thehill.com/blogs/congress-blog/3503277-making-progress-on-decentralized-regulation-its-time-to-talk-about-crypto-together/

Hester Peirce's token safe harbor proposal: https://decrypt.co/66453/secs-hester-peirce-floats-revised-crypto-safe-harbor-rules

Unchained Coverage: Hester Peirce’s Former Counsel on Terra 2.0, XRP and a Bitcoin Spot ETF: https://unchainedpodcast.com/hester-peirces-former-counsel-on-terra-2-0-xrp-and-a-bitcoin-spot-etf/

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By Laura Shin

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