Trump's team seeks to move cryptocurrency regulation to the CFTC and dilute the SEC's role
President-elect Donald Trump and the incoming administration could grant the Commodity Futures Trading Commission the ability to regulate certain digital assets, Fox Business reports, citing people familiar with the matter.
The modified role of the CFTC could include regulating cryptocurrency exchanges and spot markets that deal with digital assets considered commodities, such as bitcoin and ether, thereby diluting the Securities and Exchange Commission's power to regulate the industry, the Fox Business report continued.
The outgoing SEC chairman, Gary Gensler, supported giving the CFTC power to regulate bitcoin, which he claimed was a commodity. In March of this year, the CFTC classified ether as a commodity in a complaint against the cryptocurrency exchange platform Kucoin.
Trump promised to boost the cryptocurrency industry in the United States, which includes creating a federal reserve of bitcoins, appointing the first specific cryptocurrency position in the White House, and firing Gary Gensler, who generally took a tough stance against cryptocurrencies. Last week, Gensler announced that he plans to resign as chairman of the SEC on January 20, 2025, the day of Trump's inauguration as the 47th president of the United States.
#donaldtrump #BNBChainMeme #XRPMarketShift #MajorUnlocks #BinanceSquareFamily $BTC
