Caroline Pham, who runs the US commodity futures commission on an actor base, is pursuing a stablecoin-supported tokenization pilot program, and an upcoming summit includes the heads of Coinbase, Ripple, Circle, Crypto.com and other digital assets, such as companies.
Pham had proposed the idea for a so -called legislative sandbox on tokenization through its advisory committee, the Global Markets Consulting Committee, in November, but it had not been embraced by the agency’s previous management.
“I’m excited to announce this pioneering initiative for US digital asset markets,” acting chairman Pham said in a statement Friday. “I look forward to working with market participants to deliver Trump administration’s promise to ensure that America is leading the way about financial opportunity.”
The idea, which is based on what Pham called “Responsible Innovation” would push into the use of non-cash security “through distributed headbox technology”, according to the Agency.
The recommendation in November from Pham’s advisory committee had expected that market participants could try non-traditional security.
“By improving the operational infrastructure of assets that are already eligible to act as regulatory margin, blockchain or other distributed headbox technology (” DLT “) can help reduce or eliminate some of these challenges without requiring any changes in the rules for Security eligibility, ”suggests the recommendation. “Market participants can also use their existing policies, procedures, practices and processes to identify, assess and manage risks of using DLT as they do for other forms of market infrastructure and technologies.”
A date and additional details of the forum for CEOs in digital assets have not yet been set.
As acting chairman, Republican Commissioner Pham has made some dramatic changes in the US derivatives watchdogs in just a few weeks after she began to stand for the previous chairman Rostin Behnam, a Democrat appointed by former President Joe Biden. These changes have included a far-reaching replacement of senior officials on the agency, and a person’s question involving a former human resource manager triggered an unusually open and detailed response on Thursday from CFTC. Spokes subjects for the regulator claimed that “false accusations” had been made against Pham of “dissatisfied individuals” associated with internal forefront surveys.
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Update (7 February 2022, 16:40 UTC): Adds CFTC Advisory Committee’s previous recommendation.
