Trump Administration Plans CFTC Oversight of $3T Crypto Market

Nov 26, 2024, 09:14 PM

The incoming Trump administration is planning to shift the regulatory oversight of the $3 trillion digital asset market from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). This move aims to reduce the SEC's jurisdiction over certain aspects of the crypto industry and empower the CFTC to regulate digital assets, including Bitcoin and Ethereum, as commodities. President-elect Trump's plan aims to foster a more crypto-friendly environment in the United States, focusing on enforcement against fraud and market manipulation rather than stifling regulation.