The Commodity Futures Trading Commission (CFTC) may reportedly oversee a substantial portion of the $3 trillion digital asset market once President-elect Donald Trump assumes office next year.
Citing sources with direct knowledge of the Trump Team’s thinking, Fox Business reports that the incoming administration is eyeing to expand the power of the CFTC to include regulatory authority over the spot market for crypto assets deemed as commodities such as Bitcoin (BTC) and Ethereum (ETH).
The regulatory authority will also give the CFTC oversight function over exchanges that facilitate the trading of these assets.
Says former CFTC Chairman Chris Giancarlo, who is being considered to become the “crypto czar” in the second Trump administration,
“With adequate funding and under the right leadership, I think the CFTC could hit the ground running to 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 to put the CFTC in charge is anticipated to give regulatory clarity to those involved in the trading of the two largest cryptocurrencies by market cap.
The report says the plan is to restructure the relationship between the U.S. Securities and Exchange Commission (SEC) and the CFTC so the two main financial regulators can work together on certain crypto policies such as those involving stablecoins.
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