PANews reported on November 27 that according to Fox Business News, the incoming Trump administration hopes to expand the powers of the Commodity Futures Trading Commission (CFTC), granting it significant authority to regulate a large part of the digital asset market. This move is part of a broader effort by President-elect Donald Trump and the Republican majority in Congress to weaken the regulatory power of the U.S. Securities and Exchange Commission over the digital asset industry under President Biden and outgoing SEC Chairman Gary Gensler.
Sources familiar with Trump's team's thoughts indicate that as Trump takes office and the influence of the crypto industry within Republican politics grows, the responsibilities of the CFTC may soon expand to regulating the spot markets for digital assets considered commodities (such as Bitcoin and Ethereum) and the exchanges facilitating their trading. Key figures in the incoming Trump administration believe that regulatory relief is needed to stimulate innovation in the crypto business, including potentially transformative blockchain technology.
Former CFTC Chairman Chris Giancarlo stated: "With sufficient funding and the right leadership, I believe the CFTC can begin regulating digital commodities on the first day of Trump's presidency."
