- According to Fox Business, the CFTC’s new responsibility may involve overseeing cryptocurrency exchanges and spot markets that deal with digital assets that are considered commodities, including ether and bitcoin.
According to people familiar with the situation, Fox Business claims that President-elect Donald Trump and the incoming administration may allow the Commodity Futures Trading Commission to regulate specific digital assets.
According to Fox Business’s reporting, the CFTC’s redesigned role may involve overseeing cryptocurrency exchanges and spot markets that deal with digital assets that are considered commodities, like bitcoin and ether, so weakening the Security and Exchange Commission’s authority to regulate the sector.
Gary Gensler, the outgoing chair of the SEC, backed the CFTC’s acquisition of regulatory authority over bitcoin, arguing that it was a commodity.
In a complaint against the cryptocurrency exchange Kucoin in March of this year, the CFTC referred to ether as a commodity.
Trump pledged to support the US cryptocurrency business by appointing the first-ever crypto-specific position in the White House, establishing a federal bitcoin reserve, and dismissing Gary Gensler, who was mostly anti-crypto. Gensler said last week that he will step down as SEC Chair on January 20, 2025, the day Trump takes office as the 47th president of the United States.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
