Official announcements from the SEC, CFTC, or US government

Trump Favors Pro-Bitcoin CFTC Over SEC in $3 Trillion Crypto Regulation

Nov 27, 2024, 03:11 AM

The incoming Trump administration plans to empower the Commodity Futures Trading Commission (CFTC) to regulate a significant portion of the $3.2 trillion digital asset market, according to reports from Fox Business and Bloomberg. This move, pushed by former CFTC head Christopher Giancarlo, aims to reduce the Securities and Exchange Commission’s (SEC) jurisdiction over certain aspects of the cryptocurrency industry and contradicts the SEC's enforcement-driven approach. The CFTC's expanded authority would allow it to regulate crypto exchanges and oversee the spot trading of digital assets deemed commodities, such as Bitcoin and Ethereum. President-elect Trump favors a pro-Bitcoin regulator, and Republicans Summer Mersinger and Caroline Pham are reportedly among the names being considered for the position of CFTC Chair under the new administration. The CFTC, previously underfunded and overshadowed by the SEC, now has a path to prominence if the administration revamps crypto policy.