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US: crypto regulation at CFTC, Trump's plan
By Davide Grammatica
With Trump in the White House, crypto regulation could become a CFTC affair, with a sharp curtailment of the SEC's authority
Crypto regulation: everything changes in the US
According to rumors re-launched by Fox Business, Donald Trump is reportedly intent on entrusting regulation of the crypto sector to the Commodity Futures Trading Commission (CFTC), or the government agency in charge of “commodities.”
Spot crypto markets, including even the various cex, could then become a “business” of the CFTC, resulting in a limitation of the SEC’s powers. The two regulators, several times in the past, have often “stepped on each other’s toes” when it comes to cryptocurrencies, animating the fierce debate around the categorization of cryptocurrencies as “security” or “commodity.”
With this turn of events, every crypto (and not just Bitcoin and Ethereum) would potentially be considered a “commodity,” effectively disqualifying the SEC from any regulatory vagueness.
CFTC wins battle with SEC
We have spoken about the issue several times in the past, in connection with the SEC’s operations against the activities of several CeFi players, such as Coinbase or Kraken. Outgoing Chairman Gary Gensler had granted the “commodity” badge only to Bitcoin, while the CFTC had repeatedly defined other cryptocurrencies in this way.
“With adequate funding and under the right leadership, the CFTC could begin regulating digital asset sector from day one of the Trump presidency,” Chris Giancarlo, former CFTC chairman, told FOX Business. Giancarlo himself is reportedly vying for the role of “Crypto Czar,” a position that is not yet well defined within the new administration but related to a kind of new functional advisory council to regulate the sector.
If implemented, this initiative would mark a significant step toward much-desired regulatory clarity in the U.S., benefiting major crypto companies.
