While US President Donald Trump and his administration have come to the fore with their support for Bitcoin (BTC) and cryptocurrencies, there has also been a softening in important institutions such as the SEC.
While the CFTC is expected to be among these institutions, interim CFTC Chair Caroline Pham made important statements.
Pham said the agency will maintain tight control over the cryptocurrency industry despite the Trump administration's support.
CFTC interim chairman Pham emphasized that the Trump administration’s cryptocurrency policy does not mean unconditional regulatory ease.
Speaking at the Coinbase Summit, Caroline Pham said the agency will not ease its oversight of cryptocurrencies amid the Trump administration’s promise to support the industry.
“There is no easy path for anyone and it is not easy for regulators either.
Just because we are for innovation and growth doesn't mean you can break the law with impunity.
And I'm not talking about twisting the law to criminalize an asset class or technology, I'm talking about lying, cheating and stealing.”
Stating that fraud and theft will not be tolerated in the crypto industry at this point, Pham stated that the CFTC has ended its “regulation through enforcement” approach and shifted its focus to fraud and scams.
Caroline Pham also recently criticized previous crypto policies under the Joe Biden administration. “Biden’s past laws and regulations have not only harmed cryptocurrencies but also the current derivatives market,” Pham said.
*This is not investment advice.
