Donald Trump Plans CFTC To Regulate Crypto industry
Donald Trump’s administration is thinking about transferring control of cryptocurrency to the commodity trading authority.
Fox Business reported that Donald Trump wants the Commodity Futures Trading Commission (CFTC) in charge of the nascent crypto market. The commission will play a key role in regulating digital assets and crypto-related products such as Ethereum spot ETF and Bitcoin spot ETF.
Additionally, it will enable them to keep an eye on the options market and introduce a few cryptocurrency products. Since cryptocurrency is still regarded as a relatively new financial market, the newly elected president also aimed to introduce an innovative environment to digital assets, which could improve the industry’s outlook.
SEC has been criticized for its strict enforcement during Biden’s presidency. The Securities Exchange Commission accused crypto-related entities up to 46 times last year, a 53 percent increase from the year before. According to a Cornerstone Research report, it is also the most lawsuits since the commission began overseeing cryptocurrency in 2013.
Commodity Futures Trading Commission Chairman Rostin Behnam discussed the cryptocurrency industry at the Securities Industry and Financial Markets Association (SIFMA) annual meeting in New York, calling on Congress to take up crypto regulation.
The head of the CFTC reiterates in his speech the need for elected members of the US Congress to create a framework for regulating crypto-assets, saying, “A lot is happening in terms of disruptive change and technology.”. Tokenization and blockchain will impact financial markets, but digital assets are clearly at the top of the list for spot market regulation. Congress should be more involved in these areas than it is now. ” He said
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