ME News reports that on October 12 (UTC+8), Caroline Pham, former Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC) and current Chief Legal Officer and Chief Administrative Officer at MoonPay, stated that the Commodity Exchange Act grants the CFTC broad regulatory authority, enabling the existing regulatory framework to cover emerging commodities such as crypto assets without waiting for congressional legislation. Pham believes that the CFTC’s recently proposed rules will help strengthen protections for U.S. retail crypto traders. She noted that bringing relevant transactions under strictly regulated trading platforms offers better investor protection compared to fragmented oversight by varying state laws. Regarding stablecoins and tokenized deposits, Pham said tokenized deposits are better suited for wholesale financial markets. If all transactions within a single trading day were settled atomically in real time via blockchain, the required cash volume could reach $15 trillion—an amount unsupported by current liquidity. Banks currently offset receivables and payables through netting; thus, tokenized deposits will play a critical role in wholesale markets, while stablecoins are more appropriate for scenarios where counterparties lack trust and need to reduce settlement risk. Additionally, Pham expects that within the next two years, the New York Stock Exchange and Nasdaq will begin listing and trading genuine tokenized stocks with substantial trading volumes. She emphasized that genuine tokenized stocks must retain shareholder rights such as voting power, distinguishing them from synthetic tokens issued without the issuing company’s authorization. (Source: BlockBeats)
Former CFTC Acting Chair: Current Framework Is Sufficient for Regulating the Crypto Market
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Summary
Former U.S. CFTC acting chair Caroline Pham, now at MoonPay, said the Commodity Exchange Act gives the CFTC a robust compliance framework to regulate crypto without new laws. She highlighted recent rules as a boost for retail investor protection and liquidity in crypto markets. Pham also noted that tokenized deposits are suited for wholesale use, while stablecoins help reduce settlement risk. She expects NYSE and Nasdaq to trade tokenized stocks with real volume within two years, preserving voting rights.
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