Trump is reportedly pushing the U.S. Commodity Futures Trading Commission (CFTC) to oversee the cryptocurrency industry, reported Fox Business. The President-elect is making good on the campaign promise to reshape the digital assets’ landscape and make the U.S. the hub of cryptos.
Also Read: US Dollar vs Chinese Yuan: Trump To Start a Currency War?
According to Fox Business, Trump plans to extend power to the CFTC to put a regulator in charge to oversee the cryptocurrency industry. It is also reported that Trump plans to limit the powers of the U.S. Securities and Exchange Commission (SEC) on the digital asset industry. Bloomberg reported that Trump is eyeing Paul Atkins to be the next SEC Chair after Gary Gensler steps down.
Also Read: Will the U.S. Become Bankrupt? Debt Reaches $36 Trillion
CFTC Could Regulate the Cryptocurrency Industry Under Trump
The SEC has been aggressively targeting the cryptocurrency industry under Chairman Gary Gensler. However, Gensler will step down when Trump takes office and could move the mantle to a crypto-friendly Chairman. The CFTC currently oversees around $20 trillion U.S. derivatives market and has a lighter approach compared to the aggressive SEC.
Also Read: Hong Kong Plans Tax Exemption on Cryptocurrency Gains for Billionaires
Gensler had openly targeted the cryptocurrency industry giving out several statements against the digital assets market. He even went aggressive on the SEC vs Ripple lawsuit and repeatedly targeted many other fintech firms in the U.S. Trump could put an end to the aggression by letting the CFTC be a regulator and oversee the cryptocurrency industry. The SEC might have a limited approach to the cryptocurrency industry in the Trump administration.
“With adequate funding and under the right (Trump) leadership, I think the CFTC could hit the ground running to begin regulating digital commodities on day one of Donald Trump’s presidency,” former CFTC Chairman Chris Giancarlo told FOX Business. “It will raise the agency’s profile significantly simply because crypto and all technological innovation is going to be at a high visibility under this administration,” said Kari Larsen, a partner at law firm Willkie Farr & Gallagher.