Caroline Pham, the CFTC commissioner, increased calls for regulators to create streamlined standards for managing cryptocurrencies in 2023. 

Speaking to Bloomberg, the commissioner revealed that key players within and outside the United States are discussing the possibility of regulating crypto.

According to Pham, she already attended over 75 meetings regarding modalities of crypto regulations and the possibility of setting global standards for crypto regulations.

Pham also commented on the recent Gemini and Genesis legal battles. Per the CFTC commissioner, all existing regulatory authorities must step up to provide proper guidance and top-notch standards for managing crypto instruments.

In December, CFTC designated three cryptocurrencies (BTC, ETH and USDT) as commodities. In January, CFTC approached the US federal court for a default judgment that legally establishes Ooki DAO’s failure to appear in court at the earlier deadline.