Trump team looking to shift crypto regulation to CFTC, dilute SEC's role: report
Quick Take The CFTC’s altered role could include regulating crypto exchanges and spot markets dealing with digital assets deemed commodities, such as bitcoin and ether, reports Fox Business.
President-elect Donald Trump and the upcoming administration may grant the Commodity Futures Trading Commission the ability to regulate certain digital assets, reports Fox Business, citing individuals familiar with the matter.
The CFTC's altered role could include regulating crypto exchanges and spot markets dealing with digital assets deemed commodities, such as bitcoin and ether, thus diluting the Security and Exchange Commission's power to regulate the industry, Fox Business's reporting continued.
Outgoing SEC Chair Gary Gensler supported the CFTC gaining power to regulate bitcoin, which he stated was a commodity. In March of this year, the CFTC called ether a commodity in a complaint against the crypto exchange Kucoin .
Trump promised to bolster the United States crypto industry, including creating a federal bitcoin reserve, appointing the first-ever crypto-specific role in the White House and firing Gary Gensler, who largely held a harsh stance against crypto. Last week, Gensler announced that he plans to resign as SEC Chair on Jan. 20, 2025, they day of Trump's inauguration as 47th US president.
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