According to CoinMeta, former acting chair of the U.S. Commodity Futures Trading Commission (CFTC) Caroline Pham stated that the CFTC does not require congressional authorization to regulate the crypto market, and the recent proposed rules can provide protection for U.S. retail crypto traders. Pham believes that tokenized deposits are more suitable for the wholesale market, as atomic settlements may require trillions of dollars in cash per day, and the market lacks such immediate liquidity on that scale. In addition, Pham expects that tokenized stocks will be launched within the next two years and could see significant trading volumes.