According to Wu, the incoming Trump administration plans to expand the CFTC’s authority to regulate the $3 trillion digital asset market.
The move is aimed at weakening some of the SEC's jurisdiction over the crypto industry and regulating digital assets such as BTC and ETH that are considered commodities and their spot markets through the CFTC.
The Trump administration believes that this will provide a clear regulatory framework for the industry and promote innovation. Previously, former CFTC Chairman Chris Giancarlo was considered a popular candidate for the position of "Crypto Czar" in the Trump administration.