CFTC,
Not SEC, Could Regulate
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum Spot Markets Under
Donald
Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд
President• Соединённые Штаты Америки (США) » Политика США » Политики США » Президент США
• Соединённые Штаты Америки (США) » Государственное устройство США » Президент США
• Политика » Политика США » Политики США » Президент США
• Государство » Государственное устройство США » Президент США-elect Donald Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s administration is reportedly planning to grant
the Commodity Futures Trading Commission (CFTC) expanded oversight over the
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта market.
The move is aimed at scaling back the Securities and Exchange
Commission s (SEC) regulatory influence, potentially positioning the
CFTC as the primary regulator for Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) and Ethereum (ETH• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum).
CFTC as the Preferred Crypto Regulator
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According to Fox Business• Экономика » Бизнес, the Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд administration seeks to redefine
regulatory responsibilities. Specifically, to give the CFTC jurisdiction over
the spot markets for Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum . These two assets alone, valued at
approximately $2.24 trillion, comprise 70% of the global cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
market.
By designating them as commodities, the CFTC s lighter regulatory
touch—traditionally applied to derivatives and commodities markets—may appeal
to industry stakeholders seeking reduced barriers to innovation• Экономика » Бизнес » Инновация.
Former CFTC Chair Christopher Giancarlo, widely recognized as Crypto
Dad , has expressed support for the agency’s expanded role.
“With adequate funding and under the right leadership, the CFTC could hit the
ground running to begin regulating digital commodities on day one of Donald
Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s presidency,” Fox Business• Экономика » Бизнес reported , citing Giancarlo.
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The proposal aligns with Republican priorities of fostering innovation• Экономика » Бизнес » Инновация and
reducing regulatory hurdles. It also reflects dissatisfaction with the SEC’s
enforcement-driven approach under outgoing Chair Gary Gensler , whose tenure
was marked by aggressive crackdowns on cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта firms.
Addressing Regulatory Uncertainty
The SEC and CFTC have long debated the classification of digital assets,
leading to fragmented and often conflicting oversight. While the SEC views
most cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта as securities, the CFTC treats Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum as
commodities. This inconsistency has created a regulatory gray area, stifling
growth and driving crypto businesses to more accommodating jurisdictions.
If implemented, the plan could also mitigate disputes between the agencies .
CFTC Chair Rostin Behnam previously asserted jurisdiction over Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum.
Citing its trading as a futures contract, the agency has already demonstrated
an appetite for broader involvement in digital asset regulation.
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum are commodities, says CFTC Chair Rostin Behnam
In tandem with the Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд administration’s push to empower the CFTC, a newly
proposed bipartisan initiative—the “BRIDGE Digital Assets Act”—seeks to create
a cooperative framework between the SEC and CFTC . Championed by Tennessee
Congressman John Rose, this legislation introduces a joint advisory committee
composed of 20 private sector representatives.
“The current heavy-handed, regulation-by-enforcement approach isn’t working
and is instead encouraging investment in this key innovation• Экономика » Бизнес » Инновация overseas,” the
bill states .
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By fostering collaboration, the committee aims to harmonize regulatory
policies and provide a clear path for industry and government partnerships.
Such a cooperative approach could resolve past conflicts between the agencies.
For instance, the SEC’s 2023 declaration that all Proof-of-Stake• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта (PoS) tokens
were securities clashed with the CFTC’s treatment of Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum as a commodity .
A unified framework would clarify jurisdictional authority, offering
much-needed guidance to crypto firms and investors.
The crypto community has largely welcomed the idea of CFTC-led regulation ,
perceiving the agency as more accommodating than the SEC.
“The SEC will no longer be able to strangle the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта…Its [CFTC]
activities are regulated more gently, since the derivatives markets are
dominated by sophisticated institutional players who are better able to manage
risks,” one user commented .
However, concerns remain about the CFTC’s capacity to handle expanded
responsibilities. With an annual budget of $400 million and a staff of
700—substantially smaller than the SEC’s $2.4 billion budget and 5,300
employees—the CFTC would require significant funding and resources to oversee
the crypto spot market effectively.
Additionally, some traditional CFTC constituencies, such as agricultural
commodity traders, have voiced concerns about the potential spillover effects
of the agency’s involvement in digital markets. Legislative language
addressing these concerns will be critical to securing bipartisan support.
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