Crypto Oversight May Shift To CFTC Under Trump Administration: Report
The crypto regulatory landscape may be in for a significant shift. According to recent reports, the incoming Trump administration is considering granting the Commodity Futures Trading Commission (CFTC) oversight of the $3 trillion digital asset market .
This potential move would mark a major shift in how the crypto market is regulated. The CFTC would gain authority over digital assets like Bitcoin and Ethereum, which are considered commodities under current law. The commission would also regulate spot markets and exchanges .
Former CFTC Chairman Chris Giancarlo, also known as "Crypto Dad," supports stronger crypto regulation and backs the agency's expanded role. Giancarlo argues that the commission has been involved in crypto markets since 2015 and, with proper funding and leadership, could effectively regulate digital commodities .
However, there are challenges to consider. The CFTC's current budget is significantly smaller than that of the Securities and Exchange Commission (SEC), which could impact its ability to effectively oversee the digital asset market .
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