According to sources familiar with the matter, President-elect Donald Trump and his upcoming administration may give the Commodity Futures Trading Commission (CFTC) the power to regulate select digital assets.
These assets would be considered commodities, such as Bitcoin and Ether, and the CFTC’s new role could include overseeing crypto exchanges and spot markets dealing with these assets. This could potentially diminish the Securities and Exchange Commission’s (SEC) authority in regulating the industry.
Current SEC Chair, Gary Gensler, has expressed support for the CFTC gaining the ability to regulate Bitcoin as a commodity.
In March of this year, the CFTC officially classified Ether as a commodity in a complaint against the crypto exchange Kucoin.
During his campaign, Trump promised to boost the crypto industry in the US by creating a federal Bitcoin reserve, appointing a dedicated crypto role in the White House, and dismissing Gensler, who has taken a tough stance against crypto. Gensler recently announced his intention to step down as SEC Chair on January 20, 2025, the day of Trump’s inauguration as the 47th US president.
