U.S. Regulator Pursuing Tokenization Pilot to Tap Stablecoins as Collateral

4 months ago

Caroline Pham, the Commodity Futures Trading Commission main tapped by President Donald Trump, is hosting a CEO acme connected 1 of her longstanding argumentation aims.

Updated Feb 7, 2025, 4:24 p.m. UTCPublished Feb 7, 2025, 4:20 p.m. UTC

Caroline Pham, who is moving the U.S. Commodity Futures Trading Commission connected an acting basis, is pursuing a stablecoin-backed tokenization aviator program, and an upcoming acme volition see the heads of Coinbase, Ripple, Circle, Crypto.com and different integer assets firms.

Pham had suggested the idea for a alleged regulatory sandbox connected tokenization done her advisory committee, the Global Markets Advisory Committee, successful the past but that hadn't been embraced by the agency's erstwhile leadership.

“I’m excited to denote this groundbreaking inaugural for U.S. integer plus markets,” Acting Chairman Pham said successful a connection connected Friday. “I look guardant to engaging with marketplace participants to present connected the Trump Administration’s committedness of ensuring that America leads the mode connected economical opportunity.”

The idea, based successful what Pham called "responsible innovation," would propulsion into the usage of non-cash collateral "through distributed ledger technology," according to the agency.

A day and further details for the forum of integer assets CEOs hasn't yet been set.

As acting chairman, Republican Commissioner Pham has made immoderate melodramatic changes astatine the U.S. derivatives watchdog successful conscionable a fewer weeks aft she began lasting successful for the erstwhile Chairman Rostin Behnam, a Democrat appointed by erstwhile President Joe Biden. Those changes person included a wide-ranging replacement of elder officials astatine the agency, and 1 unit substance involving a erstwhile human-resource main sparked an unusually unfastened and elaborate response connected Thursday from the CFTC. Spokespeople for the regulator argued that "false allegations" had been made against Pham by "disgruntled individuals" the bureau linked to interior misconduct investigations.

Jesse Hamilton

Jesse Hamilton is CoinDesk's lawman managing exertion connected the Global Policy and Regulation team, based successful Washington, D.C. Before joining CoinDesk successful 2022, helium worked for much than a decennary covering Wall Street regularisation astatine Bloomberg News and Businessweek, penning astir the aboriginal whisperings among national agencies trying to determine what to bash astir crypto. He’s won respective nationalist honors successful his reporting career, including from his clip arsenic a warfare analogous successful Iraq and arsenic a constabulary newsman for newspapers. Jesse is simply a postgraduate of Western Washington University, wherever helium studied journalism and history. He has nary crypto holdings.