Trump Administration Aims To Expand CFTC's Authority Over Digital Assets

According to Odaily, the incoming Trump administration is considering expanding the regulatory authority of the Commodity Futures Trading Commission (CFTC) to encompass a significant portion of the digital asset market. Sources indicate that with Trump's assumption of office and the growing influence of the cryptocurrency industry within Republican politics, the CFTC's responsibilities may soon extend to overseeing crypto spot markets deemed commodities, such as Bitcoin and Ethereum, along with the exchanges facilitating their trade. Key figures within Trump's team advocate for deregulation to foster innovation in the cryptocurrency sector, including potentially transformative blockchain technologies. Former CFTC Chairman Chris Giancarlo expressed confidence in the commission's ability to regulate digital commodities effectively, stating, "With adequate funding and the right leadership, I believe the CFTC can begin regulating digital commodities from day one of Trump's presidency." This potential shift in regulatory approach underscores the administration's focus on balancing oversight with the encouragement of technological advancements in the digital asset space.