yolowire.com - Media reports say that the incoming administration of U.S. president-elect Donald Trump might shift Cryptocurrency regulation away from the U.S. Securities and Exchange Commission (SEC).
Instead, Trump might task the Commodity Futures Trading Commission (CFTC) with regulatory oversight for crypto.
Such a change would expand the CFTC’s authority over the $3.2 trillion U.S. digital asset market and take responsibility for crypto away from the SEC, which has sought to crackdown on the sector.
Current SEC Chair Gary Gensler has faced criticism for classifying most cryptocurrencies, except Bitcoin (CRYPTO: BTC), as securities and treating them like stocks when it comes to regulation.
On the campaign trail this summer, Trump promised to create a more crypto-friendly regulatory framework and has said he wants to make the U.S. the world’s “crypto capital.”
The Trump administration reportedly plans to give the CFTC broader authority to oversee digital assets, including regulating exchanges and spot markets for Bitcoin, Ethereum (CRYPTO: ETH), and other digital coins and tokens.
Former CFTC Chair Chris Giancarlo is reportedly being considered for a new “Crypto Czar” role within the Trump administration.
The Crypto Czar would develop policies and lead an advisory council related to cryptocurrencies.
Trump’s transition team is also reportedly exploring the creation of a Strategic Bitcoin Reserve to address inflation and economic uncertainty, an idea that’s supported by asset managers such as BlackRock (NYSE: NYSE:BLK).
The price of Bitcoin is currently at $95,700 U.S., having more than doubled this year.