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Trump considers expanding CFTC power to regulate cryptocurrencies
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The President-elect of the United States, donald trumpand his team consider granting the Commodity Futures Trading Commission (CFTC) powers to regulate certain digital assets.
According to a Fox Business report published on Tuesday (27), the proposal would include supervision of cryptocurrency exchanges and spot trading markets for digital assets classified as commoditieslike Bitcoin and Ether.
This change could reduce the authority of the US Securities and Exchange Commission (SEC) about the crypto sector.
The chairman of the SEC, Gary Genslerwhich will leave office on January 20, 2025, supported the idea that the CFTC has more power to regulate assets like Bitcoin. In previous statements, Gensler has stated that Bitcoin is, in fact, a commodity.
What changes for cryptocurrencies?
Furthermore, in March this year, the CFTC had already declared Ether as a commodity in a lawsuit against cryptocurrency exchange KuCoin, reinforcing the view that this asset should be under its jurisdiction.
During the campaign, Trump promised to strengthen the US crypto industry. Among its proposals are the creation of a Bitcoin federal reserve and the appointment of a specific position to deal with issues related to cryptocurrencies in the White House.
Furthermore, Trump promised to fire Gary Gensler from his SEC leadership role. It is worth mentioning that Gensler had a widely considered rigid stance towards the sector.
Gensler’s departure, announced last week, is expected to occur on Trump’s inauguration day as 47th president of the United States. This change in leadership and the possibility of regulatory restructuring could indicate a new direction for the US government’s approach to the cryptocurrency market.
With these possible changes, the CFTC may play a most relevant role in the supervision of digital assets. Meanwhile, the SEC will have its reach limitedmarking a significant reconfiguration in the sector’s regulation.
As Fox News author Eleanor Terrett stated, “Giving the CFTC regulatory authority over the spot market for $BTC, $ETH and other tokens considered digital commodities would give it the power to regulate the exchanges on which these cryptocurrencies are traded“.
Trump considers expanding CFTC power to regulate cryptocurrencies
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Trump considers expanding CFTC power to regulate cryptocurrencies
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Trump considers expanding CFTC power to regulate cryptocurrencies
