{"id":3414,"date":"2024-11-28T04:32:58","date_gmt":"2024-11-28T04:32:58","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3414"},"modified":"2024-11-28T04:32:58","modified_gmt":"2024-11-28T04:32:58","slug":"crypto-oversight-may-shift-to-cftc-under-trump-administration-report","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3414","title":{"rendered":"Crypto Oversight May Shift To CFTC Under Trump Administration: Report"},"content":{"rendered":"
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According to a report<\/a> by Fox Business, citing sources familiar with the matter, the incoming Donald Trump administration may empower the Commodity Futures Trading Commission (CFTC) to regulate certain crypto assets.<\/p>\n

SEC\u2019s Crypto Loss Is CFTC\u2019s Gain<\/h2>\n

With nearly two months remaining before Trump assumes the US presidency, the incoming Republican administration is already making strides toward fulfilling campaign promises, including creating a favorable regulatory framework for digital assets.<\/p>\n

The Trump administration is expected to significantly expand the CFTC\u2019s role in overseeing the $3 trillion digital assets industry. This move could potentially scale back the Securities and Exchange Commission\u2019s (SEC) jurisdiction over cryptocurrencies.<\/p>\n

Outgoing<\/a> SEC Chair Gary Gensler has often faced criticism for stifling the growth of the digital asset sector by classifying most cryptocurrencies \u2013 apart from Bitcoin (BTC) \u2013 as securities. The SEC\u2019s controversial \u201cregulation-by-enforcement\u201d approach has made the agency unpopular<\/a> among US crypto industry participants.<\/p>\n

With the Biden administration ending, pro-crypto Trump\u2019s incoming presidency signals a possible shift in Washington\u2019s stance on digital assets. A recent ruling<\/a> from a Texas court dealt a blow to the SEC by overturning its contentious broker-dealer rule.<\/p>\n

Sources suggest that the CFTC\u2019s expanded role may include regulating digital asset exchanges and spot markets for cryptocurrencies classified as commodities, such as BTC and Ethereum (ETH). Former CFTC Chair Chris Giancarlo, commenting on the matter, said:<\/p>\n

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With adequate funding and under the right leadership, I think the CFTC could hit the ground running to begin regulating digital commodities on day one of Donald Trump\u2019s presidency.<\/p>\n<\/blockquote>\n

It is worth highlighting that Giancarlo is being considered<\/a> for the nebulous \u201ccrypto czar\u201d position under the Trump administration. According to the report, the new role is expected to \u201chelp execute crypto policy and potentially oversee an industry-led advisory council.\u201d<\/p>\n

Sweeping Digital Asset Changes Expected Under Trump Presidency<\/h2>\n

Beyond issues like immigration and trade tariffs, Trump\u2019s campaign also focused on positioning the US as the \u201ccrypto capital of the world.\u201d To support this vision, the president-elect is appointing<\/a> regulators with moderate to positive views on digital assets.<\/p>\n

Asset managers like Bitwise<\/a> and WisdomTree<\/a> are optimistic that renewed interest in the digital asset industry could lead to the approval of exchange-traded funds (ETFs) for virtual assets such as XRP and Solana (SOL).<\/p>\n

Recent reports suggest that Trump\u2019s transition team may create<\/a> a national Strategic Bitcoin Reserve (SBR) to tackle inflationary pressures and macroeconomic uncertainties. The idea has gained<\/a> support from asset managers like BlackRock.<\/p>\n

Interestingly, similar efforts are underway globally. Brazilian federal deputy Eros Biondini recently introduced<\/a> a bill to establish a national BTC reserve, aimed at diversifying the country\u2019s treasury holdings. BTC trades at $94,784 at press time, up 1.4% in the past 24 hours.<\/p>\n

\"bitcoin\"<\/div>\n","protected":false},"excerpt":{"rendered":"

According to a report by Fox Business, citing sources familiar with the matter, the incoming Donald Trump administration may empower the Commodity Futures Trading Commission (CFTC) to regulate certain crypto assets. SEC\u2019s Crypto Loss Is CFTC\u2019s Gain With nearly two months remaining before Trump assumes the US presidency, the incoming Republican administration is already making […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3414","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3414"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3414\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}