Official announcement from the U.S. government or SEC

Trump Eyes CFTC Expansion for $3 Trillion Crypto Market, Atkins Favored for SEC Chair

Nov 27, 2024, 02:51 PM

The incoming Trump administration is considering a significant shift in the regulatory landscape for cryptocurrencies in the United States, with plans to expand the authority of the Commodity Futures Trading Commission (CFTC) to oversee the $3 trillion digital asset market. This move aims to reduce the Securities and Exchange Commission's (SEC) jurisdiction over certain aspects of the crypto industry, particularly in regulating spot markets for digital assets like Bitcoin and Ethereum. The CFTC's expanded role would include oversight of crypto exchanges and the spot market for digital commodities, potentially signaling a more innovation-friendly approach to crypto regulation. Additionally, former SEC Commissioner Paul Atkins, known for his pro-crypto stance, is being considered as a potential replacement for current SEC Chair Gary Gensler. Atkins has a history of promoting fintech and streamlined regulations, which could signal a shift in the SEC's direction towards easing the regulatory burden on digital assets. Trump's administration views crypto as a considerable priority, and Atkins has a 66% chance of becoming the next SEC chair, according to Kalshi.