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

Unchained

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

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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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