“Donald Trump’s administration wants to place some cryptocurrencies under CFTC jurisdiction. This is reported by Fox Business. According to Fox’s sources, if the decision is adopted, all digital assets that are considered exchange-traded goods will fall under the control of the Commission. This list covers Bitcoin and Ethereum and the markets where they are traded. In 2022, SEC Chairman Gary Gensler noted that the CFTC needed more oversight over some […]”, — write: businessua.com.ua
Donald Trump’s administration wants to put some cryptocurrencies under jurisdiction CFTC. This is reported by Fox Business.
According to Fox sources, if the decision is made, under the control of the Commission will fall all digital assets, which will be considered exchange goods. This list covers Bitcoin and Ethereum and the markets where they are traded.
In 2022, the chairman SEC Gary Gensler noted that the CFTC needs more oversight of some digital assets, although he believes most cryptocurrencies are still securities. In 2023, he stated that he supports the transfer of Bitcoin to the jurisdiction of the “sister” Commission.
Currently, none of the US government agencies has unambiguous authority over spot transactions with cryptocurrencies. Both the SEC and the CFTC are engaged in regulation at the same time, which leads to conflicts. Transferring control over specific assets to the Forward Exchange Trading Commission partially resolves this issue.
Former CFTC Chairman Chris Giancarlo told Fox Business reporters that he was optimistic:
“I think that with sufficient funding and the right leadership, the CFTC could immediately begin regulating digital goods on the first day of Donald Trump’s presidency.”
On the eve of the election, he was called one of the contenders for the post of head of the SEC in the event of Trump’s victory. However, Giancarlo himself, who succeeded Gensler as CFTC chairman in 2017, according to reporters, refused. He cited a reluctance to “clean up the mess left by Gary Gensler a second time.”
It will be recalled that in September, the CFTC fined Uniswap Labs $175,000 for unregistered offering of derivatives.
The source