0:00 SPK_0
Well, Bitcoin briefly bouncing today following President Trump’s remarks at the top of Coinbase State of Crypto. In a pre-recorded message, Trump presented himself as the first president of cryptography and promised to make the United States a world leader in crypto. The editor -in -chief of Yahoo Finance, Brian Sai, had the chance to sit with the president of Commodity future trading commission Caroline Pham with what could be ahead for the cryptographic industry and the future of the CFTC with the next president Brian Quintes. Listen.
0:29 SPK_1
I am so excited for Brian and for him to come and bring his leadership to the CFTC, and that is exactly why I wanted to make sure that we were able to do this spring cleaning and make sure that Ryan is able to hit the ground while coming as a permanent president, let’s hope very soon. So I think it’s going to be fantastic, you know, he had a very clear record as a commissioner who speaks of himself, and I can’t wait to be there.
0:49 SPK_2
The CFTCMIMT gets more responsibility to regulate digital assets under Brian. What do you say to crypto bullets who would say that things will be easy regulation over the next 4 years or under Trump administration? Is he careful what they want?
1:08 SPK_1
Uh, there is no easy street for anyone, and regulators are not easy. So, it is not because we are pro-innovation and pro-commune that you can get out of it with breaking the law. And this is where I am talking about not twisting the law to criminalize an asset class or a technology, but I’m talking about. I delivered a speech in 2022 where I said, there is, you can never commit fraud. Never. You can never steal people. You can never lie to people. You can never deceive the victims, right? And this is what I was happy that we were able to do is to end the regulation decisively by applying decisively. And be able to refocus our resources, our time and our attention limited to catching fraudsters and crooks in our markets, which we have done for decades. This has always been our main mission is to prevent fraud, manipulation and abuse in our markets and to help the victims. You often know the actions to apply CFTC fraud which were actually irrevocable, right? We were going after the night flight websites. In the foreign countries where we knew from the start, we were never going to recover money for the victims and it was not who were these victims in the first place, we never had these identified, but we say, Oh Look, it is a judgment of $ 500 million. But it’s just on paper. We haven’t really helped anyone. There are many poor there, people whose people were unjustly treated, they were victims, they were scam. It is therefore one of the KPIs that I put in place, it is to measure the real recovery that we have obtained and what was distributed to the victims, not only by looking at a large sign of a dollar of a fictitious judgment, you never allow them.
2:54 SPK_2
In this sense, you also said on your panel, and I want to get your thoughts a little more. We have to wear out the crypto. What did you mean by that?
3:04 SPK_1
So one of the things that were really concerned about people is that the, Uh, the last administration, Uh, in particular with the dry and the CFTC has really gone beyond what the law says and what the law says. Many of my dissidents as a commissioner for our implementing measures stressed how we reinterpret. I’m not even talking about crypto. I am talking about the interest rate exchange market, the largest, deepest and most liquid market in the world. I’m talking about the FX market. These things are extremely important for companies around the world and American companies to manage their risks associated with multinational companies, the manufacture of Payroll and many different currencies and many different countries in the world, UM, for the American government as well. So, when we start to change the rules of reality, Uh, the 700 world markets notional markets of Dirdos because we try to be creative and we flex it to continue, uh, which we perceive as a bad or an evil. You know, crypto or blockchain, which really breaks the fabric of our world markets. I feel it so strongly, and that is why I had all these assets. All these things were the existing laws on books. This is our existing status, these are the existing rules. The last administration ignored this. They ignored it to go and pursue theories of the application of the law, not on the involuntary consequences of what it would do for the global economy and for the global markets. This is why many of these letters of the personnel I have been focused on focused on restoring well -adjusted legal precedents, how the CFTC applied and interpreted the law for decades to restore this regulatory clarity. So what does that mean? It means whatever happens. The law says that someone in the future can come and ignore it. How do you make sure it doesn’t happen? And, uh, one of the things I said on my panel is that when something becomes, uh, so tall, so accepted, so part of our lives, you can’t really withdraw it. The public, the people, the voters, they will not leave you. And that’s what I wanted to say because, you know, many people tried to fight Uber, but everyone had uber in his pocket. People liked Uber. Uber has done a lot to revolutionize the transport industry. And so even when people tried to ban Uber, they could. And that’s what I actually think if you want to talk about how we make sure that crypto never becomes unjustly criminalized as a simple concept, as a technology. I do not speak, uh, once again, fraud. Fraud is always illegal. These are criminals who deserve to be captured and punished and held responsible, so that is not what I am talking about, to speak just as a concept or as a technology trying to criminalize them. The way you do it is to bring it to the people, and people will speak and the voters speak.
6:25 SPK_2
Before letting you go, people also talked and they seem to love the prediction markets. Now, I spoke to Robin Uco Vladov on several occasions, and he told me that we wanted to enter the prediction markets. Cow is already large in the prediction markets. Should these markets exist?
6:42 SPK_1
The prediction markets existed forever. If you want to think about what the first term contracts are, it is a question of predicting the weather. If you are a farmer, it is really important that you know if he will rain or not the rain. It goes back, I am sure that hundreds, thousands of years, maybe even imagine when the world was a barter economy and what people did at the time, so they exist. They are real, right? And, uh, it is precisely because of things like the weather derivatives that we have always had these prediction markets and, uh, in CFTC, UM, regulations. Uh, we know, we call them event contracts, Uh, to use more term. Art. And so what I think is super informative and on the value of these markets and why they are important and why I try to reopen Uh the commentary period on a very thoughtful version of the concept of 2008. So the CPC has been examining this for 30 years, right? Because the first letter of action that the CFTC made on the prediction markets was in fact in the 90s, then we made this conceptual outing in 2008. Now, unfortunately, I have no majority at the Commission and, unfortunately, you know, for partisan reasons, simply to make the commentary period. Good or bad, and what are the important considerations to which we must consider as regulators to be responsible for this innovation which has been blocked, so I could not do it. It’s very unhappy, but anyway, uh, uh, the comments of 2008 really focused on the value of information.uh, prediction markets, right? You are, they are information markets. What is the most precious merchandise in the world, especially if you look to the future and think of the AI generation. The most precious merchandise in the world is probably information, real information, real information. So, if you can use market forces, self-polished and self-applied market mechanisms to divide what is real and what is not, this is what an information market does. And I think one of the key aspects. The markets use market pricing mechanisms to disseminate information. Whenever you look at a stock market course, you have taken all the information available on this company, its income, cash flow, product, management, strategy, capital investments, set, you know, the chapter and verse, A to Z of this company is expressed thanks to its course of action, through the power of the markets. So it’s the same thing.
