A commissioner of the U.S. Commodity Futures Trading Commission (CFTC) has proposed a “first-of-its-kind” pilot program in the United States “to support the development of compliant cryptocurrency and tokenization markets.” The management agency emphasized:
“Our principles-based framework is built for technological innovation, new products and market structures.”
Limited-time pilot program for cryptocurrency
CFTC Commissioner Caroline D. Pham revealed her proposal for a regulatory pilot program to regulate cryptocurrencies on Thursday. She posted on social media platform X:
“It's time to act. I propose the first US pilot program for a digital asset market to test, collect data, and appraise innovation. This creates a secure framework for new technologies and market structures under existing regulations and safeguards.”
In his speech at the Cato Institute on Thursday, the commissioner explained that a “wait and see” approach is currently being adopted by US regulators towards the potential opportunity from blockchain technology and assets. digital “falls short of the proactive response needed in this rapidly evolving industry.”
She has “repeatedly called on the CFTC to use its existing authority to provide regulatory clarity for digital assets to ensure strong protections are in place,” the commissioner detailed :
“Our principles-based framework is built for technological innovation, new products and market structures.”
She noted that the proposed pilot program would incorporate previous pilot initiatives, focusing on areas such as trading rules, reporting requirements, registration requirements and risk disclosure requirements.
The commissioner also emphasized that because the CFTC oversees the world's largest financial markets, the regulator must have "the responsibility to proactively take on new challenges instead of passively observing."
“That is why I proposed the CFTC's time-limited pilot program to support the development of compliant digital asset and tokenization markets.
As a first step, #CFTC should call for a roundtable to engage all stakeholders. The CFTC should then propose and adopt rules establishing a pilot program for a specific period of time that incorporates many elements from previous pilots, including registration and eligibility requirements. conditions, financing and other conditions, risk management, products and contracts, terms and other requirements including disclosure and reporting.
At the conclusion of the pilot program, the Commission should examine the data collected from the pilot program and consider whether the regulation should be permanently changed. This proposal shows us how the CFTC can safely explore innovation while maintaining appropriate protections for our markets.”
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