Caroline Pham: CFTC Can Regulate Crypto Without Congress
- —Pham: under the Commodity Exchange Act everything is a commodity except onions and box office receipts
- —Legal basis is a 2010 Dodd-Frank provision on margined retail commodity transactions
- —CFTC under Michael Selig issued advance notice on Regulation CAM and Regulation CTX
- —Pham estimates atomic daily settlement would need $15 trillion in cash, favoring netting instead
Why it matters: Agency rulemaking could legalize leveraged retail crypto trading in the US faster than legislation, but rules set by one commission can be reversed by the next.
Source: HackerNoon (crypto tag)
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