According to reports, the incoming Trump administration wants the Commodity Futures Trading Commission to become the primary regulator for the crypto industry in the United States. This would mean that the Securities and Exchange Commission’s powers in regards to cryptocurrency would be significantly reduced.
The CFTC would be responsible for overseeing digital assets that are considered commodities and regulating crypto exchanges. The move is believed to be motivated by the belief that the SEC’s enforcement actions against crypto companies have hindered innovation in the US. The Trump team argues that a more lenient approach is necessary for the industry to thrive.
If the CFTC gains control over crypto regulation, it would be seen as a victory for the industry. This agency is seen as fairer and less strict compared to the SEC. Former CFTC Chairman Chris Giancarlo believes that with sufficient resources and good leadership, the agency would be able to effectively regulate digital commodities from the start of Trump’s presidency.
