At the Coinbase Annual Summit, Caroline Pham, acting chair of the Commodity Futures Trading Commission (CFTC), emphasized that changes in administration do not imply a relaxation of regulatory oversight for crypto firms.
No Tolerance for Law Ignorance
Caroline Pham stated that crypto firms should not expect a relaxation of regulatory requirements due to a change in political administration. "There is no easy street for anybody, and regulators aren’t easy," she noted.
Critique of Previous Regulatory Approaches
Pham also criticized the previous administration for applying undue pressure on the crypto industry. She emphasized that such actions undermine trust in the U.S. regulatory system and called for a restoration of clarity in the rules.
New Initiatives in Cryptocurrency Regulation
In light of the changing regulatory landscape in the U.S., with the appointment of Paul Atkins as SEC chair, it is anticipated that he will use his position to create clear rules for the crypto industry. "A key priority of my Chairmanship will be to develop a rational regulatory framework for crypto asset markets," Atkins emphasized.
Caroline Pham's statements underscore the importance of adherence to laws within the crypto industry and the necessity for clearer regulation. This could lead to restored trust and more stable development of the crypto ecosystem in the U.S.
