Trump Team May Shake Up Crypto Rules: Here's What Could Change

The incoming Trump administration is considering big changes for how cryptocurrencies are regulated. Sources say the plan is to give more power to the Commodity Futures Trading Commission (CFTC) while reducing the Securities and Exchange Commission’s (SEC) control over digital assets.

Under this idea, the CFTC would oversee crypto exchanges and markets dealing with assets like Bitcoin and Ether, which are seen as commodities. The SEC, which currently plays a bigger role in regulating the crypto industry, would have less say.

Interestingly, even outgoing SEC Chair Gary Gensler, known for his tough stance on crypto, has supported giving the CFTC authority over Bitcoin. Earlier this year, the CFTC itself called Ether a commodity in a case against crypto exchange KuCoin.

Trump’s team has promised to give the U.S. crypto industry a boost. Ideas on the table include creating a federal Bitcoin reserve, appointing a crypto-focused advisor in the White House, and replacing Gensler, who plans to step down on January 20, 2025; the day Trump is sworn in as the 47th president.

Stay tuned, crypto enthusiasts. These moves could shake things up in the digital asset world!

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