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 with direct knowledge of the Trump team's thinking, as Trump takes office and the influence of the crypto industry in Republican politics grows, the responsibilities of the CFTC may soon expand to include regulating the crypto spot market (such as Bitcoin and Ethereum) that are considered commodities, as well as the exchanges that facilitate their trading. Key figures within Trump’s 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 sufficient funding and the right leadership, I believe the CFTC can begin regulating digital commodities on the first day of Trump's presidency."