CFTC Commissioner Caroline Pham proposed a new office within the CFTC to be a “voice for the people” aimed at protecting consumers after the recent crypto market crash which caused significant losses for retail investors.
Commodity Futures Trading Commissioner Caroline Pham has proposed the creation of an “Office of the Retail Advocate” aimed at expanding the CFTC's consumer protection mandate.given at an event hosted by blockchain project Corda on Sept. 27, suggesting recent events in crypto make retail protection a more pressing issue, noting:
Pham has modeled the proposed office on the Security and Exchange Commission's Office of the Investor Advocate, stating it’s a “tried-and-true way” to advance customer protection. Pham highlighted the potential of digital assets and blockchains to change existing markets outlining “ten fundamentals for responsible digital asset markets,” noting: