President-elect Donald Trump continues to make good on his campaign promise to reshape the face of crypto regulation in the U.S., with new reports indicating he plans to expand the power of the Commodity Futures Trading Commission (CFTC) and put the regulator in charge of overseeing the digital asset market.
According to FOX Business, the move would be part of Trump’s goal of limiting the power the Securities and Exchange Commission (SEC) has over the digital asset industry, which aggressively targeted the industry under President Biden and his outgoing SEC chairman, Gary Gensler.
The CFTC, which currently oversees the $20 trillion U.S. derivatives market, is widely perceived as having a lighter regulatory touch than the SEC, which would be a welcomed sight for crypto companies and investors.
If Trump has his way, the CFTC’s role could soon expand to include the regulation of spot markets for digital assets deemed commodities, the report said, along with the crypto exchanges they trade on, according to sources with direct knowledge of the Trump team's thinking.
While there are already upwards of 50 million Americans holding digital assets, Trump would like that number to be higher and believes that less stringent regulation is needed to spur innovation in the crypto ecosystem.
Source.
https://www.kitco.com/news/article/2024-11-27/trump-reportedly-pushing-cftc-oversee-crypto-industry
