Caroline Pham, Commissioner of the Commodity Futures Trading Commission (CFTC), has publicly criticized her agency’s enforcement action against the cryptocurrency exchange KuCoin. KuCoin was charged with the unlawful operation of the digital asset derivatives exchange on March 26 by the CFTC and in cooperation with the U.S. Department of Justice. Pham’s criticism brings up the issue of a possible overreach by the CFTC into the domain of its sister institution, the Securities and Exchange Commission (SEC), provoking a discussion on regulatory boundaries in the crypto industry.
The issues of Pham relate to the CFTC interpretation that securities, and fund shares, in this case, might be treated as leveraged trading under commodities laws. She contends that this erases the lines between securities investment and trading activities, a difference traditionally regulated by the SEC. Such an approach, Pham says, would violate SEC jurisdiction and destroy a history of investor protection la
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