SEC to Lose Cryptocurrency Oversight? Trump Pushes CFTC to Lead Digital Assets
The Trump administration is considering designating the CFTC to oversee the cryptocurrency market.
The move would eventually limit the SEC’s regulatory burden, sparking optimism.
The CFTC’s smaller budget and workforce pose challenges in expanding its regulatory power.
President-elect Donald Trump’s administration is considering designating the Commodity Futures Trading Commission (CFTC) to regulate the $3 trillion cryptocurrency market. This proposal is in line with Trump’s plans to overhaul America’s financial regulations.
The move could curtail the Securities and Exchange Commission’s (SEC) control over cryptocurrencies, a regulator often criticized for its excessive intervention in the industry.
CFTC to Take Over Cryptocurrency Oversight
A Fox Business report dated November 26, 2024, revealed that the Trump administration plans to transfer cryptocurrency regulatory powers to the CFTC. The agency would oversee digital assets such as 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 space…
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