As a seasoned crypto investor with over a decade of experience navigating this dynamic digital frontier, I find the prospect of the Commodity Futures Trading Commission (CFTC) taking over crypto regulations under the U.S. President-elect’s administration intriguing. My journey in this space has been marked by regulatory uncertainties and shifts, and I believe a change in leadership could bring about a more favorable environment for growth and innovation.
The incoming administration of the U.S. President could be looking into transferring responsibilities for cryptocurrency regulation to the Commodity Trading Futures Commission (CTFC).
The Commodity Futures Trading Commission (CFTC) is being considered for leadership by Donald Trump in relation to the rapidly growing financial sector, specifically cryptocurrency, following a period where regulatory bodies have had a significant impact on its development over the last few years.
As reported by Fox Business on November 26th, there’s been an observation that the push to transfer authority is perceived as a move by Trump and the Republican-led Congress to take away jobs from the Securities and Exchange Commission (SEC), potentially shifting them to the Commodity Futures Trading Commission (CFTC).
Should the idea gain approval from Congress, the commission would take on a significant part in overseeing digital assets, including cryptocurrencies like Bitcoin and Ethereum Spot Exchange-Traded Funds (ETFs). Moreover, they would have jurisdiction to monitor the options market, which recently introduced crypto products within the past month.
The recently inaugurated leader expressed a desire to foster a forward-thinking atmosphere within the digital assets sector. This progressive approach could significantly enhance the industry’s future prospects, as cryptocurrency continues to be regarded as a burgeoning financial market.
SEC role will replaced by CFTC
During Biden’s presidency, the Securities and Exchange Commission (SEC) has faced significant criticism from the cryptocurrency market due to its strict enforcement of court rulings and regulations. Last year, the commission filed lawsuits against crypto-related entities an impressive 46 times, marking a 53% increase compared to the previous year. This number represents the highest number of lawsuits since the SEC began overseeing cryptocurrencies in 2013, as reported by Cornerstone Research.
Crypto platforms such as Binance and Coinbase are frequently at the center of SEC legal actions, with allegations like running unlicensed exchanges and breaching securities regulations (as in the case of Changpeng Zhao). It’s important to note that even Coinbase is under investigation by the SEC chairman Gary Gensler for operating without proper registration.
In contrast, the Commodity Futures Trading Commission (CFTC) will assume a crucial part as the expanding industry with 50 million traders and a market worth $3 trillion gains momentum. This action also empowers the commission to oversee crypto exchanges, businesses, and individuals operating in specific markets.
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2024-11-27 02:20