Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Trump team looking to shift crypto regulation to CFTC, dilute SEC's role: report

Trump team looking to shift crypto regulation to CFTC, dilute SEC's role: report

The Block2024/11/25 16:00
By: The Block
BTC-0.24%
Quick Take The CFTC’s altered role could include regulating crypto exchanges and spot markets dealing with digital assets deemed commodities, such as bitcoin and ether, reports Fox Business.
Trump team looking to shift crypto regulation to CFTC, dilute SEC's role: report image 0

President-elect Donald Trump and the upcoming administration may grant the Commodity Futures Trading Commission the ability to regulate certain digital assets, reports  Fox Business, citing individuals familiar with the matter. 

The CFTC's altered role could include regulating crypto exchanges and spot markets dealing with digital assets deemed commodities, such as bitcoin and ether, thus diluting the Security and Exchange Commission's power to regulate the industry, Fox Business's reporting continued.

Outgoing SEC Chair Gary Gensler supported the CFTC gaining power to regulate bitcoin, which he stated was a commodity. In March of this year, the CFTC called ether  a commodity in a complaint against the crypto exchange Kucoin . 

Trump promised to bolster the United States crypto industry, including creating a federal bitcoin reserve, appointing the first-ever crypto-specific role in the White House and firing Gary Gensler, who largely held a harsh stance against crypto. Last week, Gensler announced that he plans to resign as SEC Chair on Jan. 20, 2025, they day of Trump's inauguration as 47th US president. 


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.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Trending news

More
1
XRP Faces Trendline Pressure While Ethereum Could Target $5,000 and Bitcoin Eyes Resistance
2
Tron Gas Fee Cut May Boost Adoption but Could Reduce Short‑Term Revenue

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,733.58
+0.35%
Ethereum
Ethereum
ETH
$4,709.44
+3.75%
XRP
XRP
XRP
$3.11
+1.89%
Tether USDt
Tether USDt
USDT
$1
+0.00%
Solana
Solana
SOL
$242.69
+1.97%
BNB
BNB
BNB
$924.86
+1.79%
USDC
USDC
USDC
$0.9997
-0.01%
Dogecoin
Dogecoin
DOGE
$0.2834
+8.47%
TRON
TRON
TRX
$0.3538
+1.37%
Cardano
Cardano
ADA
$0.9278
+2.96%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter