carolinepham

📅 29 September | Washington, D.C., AS
Perang "Wilayah" antara agensi Amerika Serikat telah berakhir. Caroline Pham, presiden sementara Komisi Perdagangan Berjangka Komoditas (CFTC), terkejut mengumumkan bahwa perselisihan dengan Komisi Sekuritas dan Bursa (Sec) dan institusi lainnya sekarang akan memberikan jalan untuk kerja sama. Pengumuman ini menandai perubahan sejarah, setelah bertahun-tahun pertempuran yang membuat industri kripto terjebak dalam ketidakpastian dan kontradiksi regulasi.

Komisi Perdagangan Berjangka Komoditas telah sekali lagi mengkonfirmasi bahwa dia berencana untuk pindah ke perusahaan kripto MoonPay. Langkah ini akan terjadi setelah Senat mengkonfirmasi penggantinya dan ketua baru secara resmi dilantik. Transisi ini telah diharapkan selama beberapa waktu dan kini tampak sangat dekat.

Presiden Donald Trump telah mencalonkan Mike Selig untuk memimpin CFTC. Menurut jadwal Senat, pemungutan suara untuk konfirmasinya direncanakan pada Rabu malam. Setelah disetujui dan diambil sumpah, Selig akan mengambil alih agensi tersebut dan Pham akan mengundurkan diri dari perannya saat ini.

📅 December 11 | United States
At a time when crypto regulation in the United States is navigating political pressures, risk warnings, and internal power struggles, the CFTC has just made a move few expected: eliminating its 2020 guidance on “actual delivery” of digital assets. This guidance had been a cornerstone of the post-BitMEX regulatory era, used to oversee how exchanges had to demonstrate that users actually received the assets they purchased.

📖The withdrawal of the 2020 guidance marks a turning point for digital asset regulation in the United States. This guidance, created during the early attempts to define how the "actual delivery" of cryptocurrencies should function, sought to establish criteria for assessing when a user had full control over assets purchased on retail platforms.
At the time, it emerged in response to market evolution stemming from the 2018 financial crisis and congressional concerns following the passage of the Dodd-Frank Act in 2010.
However, in Caroline Pham's words, the guidance has become obsolete. The acting chair explained that its complexity and outdated nature generated more confusion than clarity, especially now that custody, exchange, and settlement models have advanced rapidly.
According to Caroline Pham, this change aligns directly with the recommendations of the President's Working Group on Digital Assets Markets, one of the most influential reports published this year regarding risks, regulatory standards, and proposed authority for federal oversight.
During the summer, the White House published an extensive report that addressed issues such as illicit finance, tax policy, and the need to give the CFTC greater authority to regulate digital assets in spot markets. Within that framework, the elimination of the 2020 guidance is interpreted as a step toward simplifying the regulatory architecture and establishing a more coherent foundation for future comprehensive oversight.
Although the agency has not yet released new guidance to replace the eliminated version, officials close to the matter have suggested that the goal is to move toward more transparent and consistent rules, especially regarding the custody, transfer, and effective control of digital assets. This decision could also pave the way for broader adjustments in how the CFTC and the SEC divide jurisdiction over tokens, stablecoins, and trading platforms.
Crypto regulation in the United States is entering a new phase, and past rules are no longer sufficient to keep pace with the current rate of innovation.

Topic Opinion:
The crypto market has changed so much since 2020 that continuing to apply outdated rules only added friction and ambiguity. I think it's healthy that the agency recognizes that regulation needs updating if it truly wants to protect users and foster efficient markets. However, I also believe that this temporary regulatory gap should be filled soon with clearer guidelines, especially considering the growth of platforms that handle complex custody.
💬 Do you think the US is truly modernizing its crypto regulations?

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#CFTC #BTC #CarolinePham #DigitalAssets #CryptoNews $BTC

Di dunia cryptocurrency, era baru stabilitas telah tiba: perang antara regulator kunci AS — Komisi Sekuritas dan Bursa (SEC) dan Komisi Perdagangan Berjangka Komoditas (CFTC) — untuk dominasi di industri crypto secara resmi telah berakhir. Hal ini disampaikan oleh Caroline Pham, komisaris CFTC, dalam wawancara terbarunya untuk CoinDesk pada 28 September 2025. "Kami telah mencapai konsensus, di mana SEC berfokus pada sekuritas, sementara CFTC berfokus pada derivatif dan komoditas. Ini adalah akhir dari kekacauan," ujarnya. Konflik ini berlangsung selama bertahun-tahun, dimulai dengan gugatan SEC terhadap Binance dan Coinbase pada tahun 2023, di mana regulator mengklasifikasikan token sebagai sekuritas.