Trump Team Mulls CFTC Oversight Of Major Segment Of Crypto Market, Reducing SEC Role
US President-elect Donald Trump is weighing a shift in crypto regulation that could hand more authority to the Commodity Futures Trading Commission (CFTC), reducing the influence of the Securities and Exchange Commission (SEC), Fox Business reported. The CFTC could oversee digital assets like Bitcoin and Ethereum, which have been deemed to be commodities, as well as exchanges and spot markets, potentially covering up to 70% of the $3.2 trillion crypto market, sources familiar with the matter told Fox Business in a Nov. 26 report. SEC Control Over US Crypto Market Could Be Reduced During the Biden administration, the US Securities and Exchange Commission (SEC), under the leadership of its outgoing Chair Gary Gensler , targeted crypto companies operating in the US with a regulation by enforcement strategy. Should the CFTC start to regulate more of the crypto market, it would cut back the SEC’s power over the nascent digital asset space. Gensler was in favor of the idea o...