According to CoinMeta, MoonPay, the Chief Legal Officer and former commissioner of the U.S. Commodity Futures Trading Commission (CFTC), Caroline Pham, stated that cryptocurrency regulation does not require congressional legislation and can be advanced by relying solely on rules established by regulatory agencies. She pointed out that the regulatory jurisdiction of the CFTC is almost all-encompassing, as the Commodity Exchange Act stipulates that nearly all items, except for onions and movie box office revenues, are considered commodities.