{"id":23777,"date":"2024-11-28T04:34:14","date_gmt":"2024-11-28T04:34:14","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=23777"},"modified":"2024-11-28T04:34:14","modified_gmt":"2024-11-28T04:34:14","slug":"cftc-could-take-the-helm-of-crypto-regulation-if-trump-returns-to-power-reports-suggest","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/cftc-could-take-the-helm-of-crypto-regulation-if-trump-returns-to-power-reports-suggest\/","title":{"rendered":"CFTC Could Take the Helm of Crypto Regulation If Trump Returns to Power: Reports Suggest"},"content":{"rendered":"\n

A recent report<\/a> from Fox Business indicates that the forthcoming Donald Trump administration is likely to assign the Commodity Futures Trading Commission (CFTC) the role of regulating specific digital currencies.<\/p>\n

<\/span>CFTC’s Opportunity Amid SEC’s Challenges<\/span><\/h2>\n

As Donald Trump prepares to take office in the next couple of months, his administration is already working on fulfilling commitments made during his campaign, particularly in shaping a supportive regulatory environment for digital assets.<\/p>\n

The CFTC is anticipated to gain a greater responsibility in supervising the expanding $3 trillion digital asset market. This shift might lead to a reduction in the Securities and Exchange Commission\u2019s (SEC) authority over cryptocurrencies.<\/p>\n

Gary Gensler, the outgoing SEC Chair, has received backlash for hindering the digital asset industry\u2019s growth by labeling most cryptocurrencies, except Bitcoin (BTC), as securities. The SEC’s controversial technology of \u201cregulation-by-enforcement\u201d has led to dissatisfaction among participants in the US crypto space.<\/p>\n

As the Biden administration concludes, Trump\u2019s pro-crypto agenda suggests a potential change in Washington’s perspective on digital assets. A recent Texas court ruling weakened the SEC by invalidating its debated broker-dealer guidelines.<\/p>\n

Insider reports indicate that the CFTC might take on the responsibility of regulating digital asset exchanges and spot markets for cryptocurrencies that are categorized as commodities, including BTC and Ethereum (ETH). Chris Giancarlo, a former CFTC Chair, commented:<\/p>\n

\n

If equipped with adequate resources and under appropriate leadership, I believe the CFTC could commence regulating digital commodities from day one of Donald Trump\u2019s presidency.<\/p>\n<\/blockquote>\n

Notably, Giancarlo is rumored to be a contender for the newly proposed \u201ccrypto czar\u201d role in Trump\u2019s administration. This position is set to assist in implementing crypto policies and may oversee a council led by industry experts.<\/p>\n

<\/span>Major Changes Anticipated for Digital Assets Under Trump<\/span><\/h2>\n

In addition to topics like immigration and trade, Trump\u2019s campaign has advocated for the US to become the \u201ccrypto capital of the world.\u201d To achieve this goal, the president-elect plans to appoint regulators who have supportive views towards digital currencies.<\/p>\n

Investment firms such as Bitwise and WisdomTree are hopeful that the renewed focus on digital assets will lead to the approval of exchange-traded funds (ETFs) for cryptocurrencies like XRP and Solana (SOL).<\/p>\n

Emerging reports suggest that Trump\u2019s transition team is considering the establishment of a national Strategic Bitcoin Reserve (SBR) to address inflation and economic uncertainties, a proposal that has garnered interest from asset managers including BlackRock.<\/p>\n

Interestingly, similar initiatives are being explored internationally. In Brazil, federal deputy Eros Biondini has proposed legislation to create a national BTC reserve to diversify the country’s treasury. Currently, BTC is trading at $94,784, reflecting a 1.4% increase over the past day.<\/p>\n

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

A recent report from Fox Business indicates that the forthcoming Donald Trump administration is likely to assign the Commodity Futures Trading Commission (CFTC) the role of regulating specific digital currencies. CFTC’s Opportunity Amid SEC’s Challenges As Donald Trump prepares to take office in the next couple of months, his administration is already working on fulfilling […]<\/p>\n","protected":false},"author":14,"featured_media":23778,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"CFTC Could Take the Helm of Crypto Regulation If Trump Returns to Power: Reports Suggest - Bitrabo","description":"A recent report from Fox Business indicates that the forthcoming Donald Trump administration is likely to assign the Commodity Futures Trading Commission (CFTC)"},"footnotes":""},"categories":[316],"tags":[4041,1418,504,10411,1962,746,2377],"class_list":["post-23777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-administration","tag-cftc","tag-crypto","tag-oversight","tag-report","tag-shift","tag-trump"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/23777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=23777"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/23777\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/23778"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=23777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=23777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=23777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}