Caroline Pham, chief legal officer at MoonPay and a former commissioner at the U.S. Commodity Futures Trading Commission, said cryptocurrency regulation does not need to wait for congressional legislation. According to ChainCatcher, Pham said regulators can push implementation forward through rulemaking alone. She also argued that the CFTC’s jurisdiction is extremely broad under the Commodity Exchange Act. In her description, nearly everything qualifies as a commodity except onions and box office receipts from motion pictures. Her remarks frame crypto oversight as something that can be advanced within existing regulatory powers rather than through a new act of Congress.
MoonPay Chief Legal Officer and former U.S. Commodity Futures Trading Commission (CFTC) commissioner Caroline Pham said cryptocurrency regulation does not require legislation from Congress and can be advanced through rulemaking by regulators alone, according to ChainCatcher.
Pham said the CFTC’s regulatory jurisdiction is almost all-encompassing because the Commodity Exchange Act states that nearly all items are commodities, with onions and motion picture box office receipts as the exceptions.
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