The Commodity Futures Trading Commission (CFTC) could reportedly oversee a significant portion of the $3 trillion digital asset market once President-elect Donald Trump takes office next year.
Citing sources with direct knowledge of the Trump team’s thinking, Fox Business reports that the new administration aims to expand the CFTC’s power to include regulatory authority over the spot market for crypto assets considered commodities, such as Bitcoin (BTC) and Ethereum. ETH).
The regulator, the CFTC, will also oversee exchanges that facilitate trading in these assets.
Says former CFTC Chairman Chris Giancarlo, considered the “crypto czar” in the second Trump administration:
“With adequate funding and under the right leadership, I believe the CFTC can begin regulating digital commodities on day one of Donald Trump’s presidency.”
To date, no regulatory body has clear jurisdiction over Bitcoin and Ethereum spot market transactions. The idea of putting the CFTC in charge is expected to bring regulatory clarity for those involved in trading the two largest cryptocurrencies by market capitalization.
The report says the plan is to restructure the relationship between the US Securities and Exchange Commission (SEC) and the CFTC so that the two top financial regulators can collaborate on certain crypto policies, such as those related to stablecoins.
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