Trump's Crypto Vision: CFTC Poised for Expanded Role as SEC Era Ends

The incoming administration of President-elect Donald Trump may shift the regulatory landscape for digital assets, granting the Commodity Futures Trading Commission (CFTC) greater authority, according to sources reported by Fox Business.

Under these proposed changes, the CFTC could oversee crypto exchanges and spot markets for digital assets classified as commodities, including bitcoin and ether. This adjustment would reduce the Securities and Exchange Commission's (SEC) influence over the cryptocurrency sector.

Outgoing SEC Chair Gary Gensler has previously supported the CFTC’s jurisdiction over bitcoin, labeling it a commodity. The CFTC echoed this sentiment in March, categorizing ether as a commodity in its lawsuit.

Trump's plans to reshape the U.S. crypto industry include establishing a federal bitcoin reserve, appointing a crypto-focused advisor to the White House, and dismissing Gensler, who has often taken a hardline stance against cryptocurrencies. Gensler has announced his resignation, effective January 20, 2025—the same day Trump is set to be inaugurated as the 47th President of the United States.

This shift signals a potential new era for crypto regulation, with Trump aiming to position the U.S. as a leader in the global digital asset industry.