CFTC Commissioner Caroline Pham on Why US Crypto Regulators Get a B- Ep. 365
Unchained
Exploring Automated Trading and Market Implications
This chapter examines FTX's proposal to automate trading by replacing traditional futures commission merchants. It also addresses the need for a thorough dialogue among market participants on the implications of auto liquidation and its effects on market volatility.
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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