The incoming Donald Trump administration is reportedly planning to extend the regulatory power of the Commodity Futures Trading Commission to oversee a major portion of the cryptocurrency market.
What Happened: The CFTC’s role could soon expand to include the regulation of spot markets for major assets such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), along with the exchanges that facilitate their trading, Fox Business reported on Tuesday, citing sources close to Trump’s team.
The proposed move is part of a broader effort by President-elect Trump and the Republican majorities in Congress to scale back the regulatory power that the SEC has exerted over the digital asset industry under President Joe Biden and his outgoing SEC chairman, Gary Gensler.
Key figures in the incoming Trump administration believe that less …
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