Trump to Expand CFTC's Crypto Market Authority

The incoming Trump administration is reportedly set to expand the Commodity Futures Trading Commission's (CFTC) authority over the cryptocurrency market, particularly focusing on Bitcoin and Ethereum spot markets. This move aims to reduce the Securities and Exchange Commission's (SEC) regulatory power, as the SEC has been known for its stringent enforcement-first approach under Chair Gary Gensler. Former CFTC Chair Chris Giancarlo, known as 'Crypto Dad,' is being considered for a pivotal role in this expanded regulatory framework. The CFTC's current budget and staffing are significantly smaller than the SEC's, but the change in jurisdiction could raise the agency's profile and appeal to crypto businesses seeking less restrictive oversight. This shift aligns with the Republican administration's goal of fostering innovation and reducing regulatory burdens. The plan could also help resolve ongoing jurisdictional disputes between the SEC and CFTC, offering more clarity and consistency in digital asset regulation.