According to (Fox Business) citing informed sources, U.S. President-elect Donald Trump and his team are planning a major regulatory reform aimed at having the U.S. Commodity Futures Trading Commission (CFTC) dominate cryptocurrency regulation while reducing the influence of the SEC.
Reports indicate that this reform may allow the CFTC to be solely responsible for regulating cryptocurrencies classified as 'commodities,' such as Bitcoin and Ether, as well as related exchanges and spot markets. This would not only help clarify the regulatory scope but also significantly weaken the SEC's role and influence in the cryptocurrency industry, fundamentally changing the regulatory landscape of the U.S. cryptocurrency industry.
It is worth noting that SEC Chairman Gary Gensler previously stated publicly that 'Bitcoin is a commodity' and supported the CFTC taking over the regulation of Bitcoin. In March of this year, the CFTC officially classified Ether as a 'commodity' for the first time in its lawsuit against KuCoin.
Trump has repeatedly expressed during his campaign his intention to revitalize the U.S. cryptocurrency industry. He promised to create a 'national Bitcoin reserve,' establish a 'Crypto Advisory Council,' and is now considering whether to create a new position in the White House specifically responsible for cryptocurrency policy.
Additionally, Trump has claimed that he will fire SEC Chairman Gary Gensler on his first day in office. According to the latest news, Gary Gensler has announced that he will officially resign from the position of SEC Chairman on January 20 of next year, the day of Trump's inauguration.
If the Trump administration shifts the primary regulatory responsibility for cryptocurrencies to the CFTC, it could not only reduce overlapping jurisdictions but also create a clearer regulatory environment for the cryptocurrency industry.
For investors, this is not only a barometer of market confidence but may also lead the U.S. cryptocurrency industry to new heights. However, whether this will come to fruition remains to be seen, pending future legislation and policy implementation.
"Trump's new government aims to reshape cryptocurrency regulation! Reports suggest CFTC will hold power, weakening SEC influence" this article was first published on (Blockcast).
