The Trump administration is considering designating the CFTC to oversee the crypto market.
The move would eventually limit the SEC’s regulatory overreach, sparking optimism.
The CFTC’s smaller budget and workforce pose challenges in expanding its regulatory power.
President-elect Donald Trump’s administration is considering appointing the Commodity Futures Trading Commission (CFTC) to regulate the $3 trillion cryptocurrency market. This proposal aligns with Trump’s plans to reshape America’s financial regulations.
The move could curb the Securities and Exchange Commission’s (SEC) control over crypto, a regulatory body often criticized for overreach by the industry.
CFTC to Take Over Crypto Oversight
A Fox Business report dated November 26, 2024, revealed that the Trump administration plans to transfer crypto regulatory powers to the CFTC. The body would oversee digital assets like Bitcoin and Ethereum, which are classified as commodities. This expansion would also include regulating spot markets and cryptocurrency exchanges.
The decision is driven by the belief that the SEC’s enforcement actions have stifled innovation in the crypto spa…
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