Trump to Shift Crypto Oversight to CFTC, Reducing SEC's Role in $3 Trillion Digital Asset Market

Nov 26, 2024, 09:12 PM

President-elect Donald Trump's incoming administration is considering significant changes to cryptocurrency regulation in the United States. According to multiple reports from Fox Business and Bloomberg, the administration plans to empower the Commodity Futures Trading Commission (CFTC) to oversee a substantial portion of the $3 trillion digital asset market, including crypto exchanges and spot markets dealing with digital assets. This move aims to reduce the Securities and Exchange Commission's (SEC) control over the crypto industry, clarifying regulatory ambiguities, particularly in the enforcement of stablecoin regulations and margin requirements for futures. Former CFTC head Christopher Giancarlo is reportedly advocating for this shift. Additionally, there are rumors that Mark Uyeda, a current SEC Commissioner, may be appointed as the new SEC Chair. Uyeda has called for "sorting fact from fiction" and promoting regulatory clarity for digital assets, suggesting the implementation of safe harbors. There is also speculation that Brad Garlinghouse may be chosen as Trump's new "Crypto Czar." These changes signal a new era for crypto policy, emphasizing regulatory clarity and potentially reshaping the future of digital asset regulation in the U.S.