CFTC could take over cryptocurrency regulation under Trump administration; Will SEC’s role be diluted?
Could the Commodity Futures Trading Commission (CFTC) take over regulation of the cryptocurrency industry under Donald Trump and dilute the role of the Securities and Exchange Commission (SEC)? report Fox Business' recent report revealed the incoming administration's plans for change in the cryptocurrency sector in the United States.
Citing people familiar with the matter, the report revealed that US President-elect Donald Trump and the incoming administration could grant the CFTC the power to regulate certain digital assets.
According to the report, the new administration wants to expand the CFTC's power, granting the agency oversight of part of the $3 trillion digital asset market.
The move would be part of a significant move by Trump and the Republican majority in Congress to shift some of the SEC’s regulatory power over the digital asset sector. In this sense, the CFTC’s changed role could include regulating cryptocurrency exchanges and spot markets, thereby diluting the SEC’s power to regulate the industry, the report said.
Donald Trump's pick for US Treasury sparks cryptocurrency revolution
US President-elect Donald Trump, selected Cryptocurrency advocate Scott Bessent was recently named to lead the country’s Treasury, sparking industry talk about a potential revolution in the industry. Many believe Bessent could lead a shift in U.S. policy toward blockchain innovations and the adoption of digital assets.
Scott Bessent is a renowned hedge fund manager and blockchain advocate. He rose to prominence after serving as chief investment officer for billionaire George Soros and also founded Key Square Capital Management.
Trump’s recent pick of Scott Bessent as Treasury Secretary suggests a significant shift in cryptocurrency policy in the US industry, highlighting a stance that is at odds with that taken by Joe Biden’s Treasury Secretary, Janet Yellen.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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