According to FOX Business, the incoming Trump administration hopes to expand the powers of the Commodity Futures Trading Commission (CFTC), granting it significant regulatory authority over a large portion of the digital asset market. According to sources familiar with the Trump team's thinking, as Trump takes office and the influence of the crypto industry in Republican politics grows, the CFTC's responsibilities may soon expand to regulate the crypto spot market (such as Bitcoin and Ethereum) that are considered commodities, as well as the exchanges that facilitate their trading. Key figures in the Trump team believe that regulatory relief is needed to stimulate innovation in the crypto business, including potentially transformative blockchain technology that can eliminate costly intermediaries in commercial transactions. Former CFTC Chairman Chris Giancarlo told FOX Business, "With adequate funding and the right leadership, I believe the CFTC can start regulating digital commodities on day one of Trump's presidency."
