The Trump administration is rumored to let the CFTC take the lead in cryptocurrency regulation, weakening the SEC, Crypto Assets Daddy becomes the Crypto Assets Tsar, a popular candidate.

The Commodity Futures Trading Commission (CFTC) approved a recommendation by the Global Markets Advisory Committee (GMAC) to allow the use of Block chain technology, including distributed ledgers and tokenization, to manage non-cash Collateral. This has led to progress in the regulation of digital assets in the United States. (Synopsis: Trump nominates BTChardcore fan Howard Lutnick as commerce secretary, and the new SEC chairman will be an encryption-friendly lawyer? (Background added: Heavy!) SEC Chairman Gary Gensler announces departure on 1/20 next year, ending the era of high-pressure regulation of cryptocurrency? According to Fox Business citing people familiar with the matter, U.S. President-elect Trump, who will take office in January next year, wants to expand the power of the Commodity Futures Trading Commission (CFTC) to regulate cryptocurrency, planning to authorize a large part of the agency's $3 trillion digital asset market regulatory responsibilities. With Trump taking office and the encryption industry's growing influence in both Republican-dominated houses of Congress, how the CFTC's regulatory powers can really be expanded to include "spot markets for digital assets that are considered commodities (such as BTC and Ethercoin) and exchanges that facilitate the trading of these assets" is likely to weaken Gary, the current chairman of the U.S. Securities and Exchange Commission Gensler, who has announced that he will step down after Trump takes office, has exercised some of its regulatory authority over the digital asset industry through enforcement actions. Extended reading: a16z Looking at U.S. Web3 Regulation: The U.S. SEC and CFTC suck? The Trump administration intends to let the CFTC regulate the CryptocurrencySpot market according to sources with direct knowledge of the Trump team's thinking. With more than 50 million people holding digital assets, key Trump administration aides believe deregulation is needed to spur innovation in the cryptocurrency business, including transformative Block chain technology that eliminates costly middlemen in business transactions. Since Congress has not yet decided that the SEC or CFTC has clear jurisdiction over Cryptocurrency's Spot market transactions, the two regulators have been vying for power in recent years. Although the CFTC has also asserted its regulatory authority over digital assets through enforcement actions in recent years, it is generally believed that the agency is more lenient than the SEC, and the SEC has attacked the encryption industry more and more harshly, because the US cryptocurrency industry prefers the CFTC as the main regulator. The current CFTC, often referred to as the SEC's "little sister," now oversees the $20 trillion U.S. Derivatives market, including futures, options, and trading commodities such as gold, oil, and wheat, and like the SEC, the CFTC has the authority to set market rules and bring enforcement cases. In this context, Chris Giancarlo, who served as chairman of the CFTC during Trump's first term and was dubbed the "daddy of encryption" by the community, expressed support for CFTC regulation of the CryptocurrencySpot market, which is considered a commodity. With ample funding and the right leadership, I think the CFTC could start regulating "digital goods" on Trump's first day as president. It is worth mentioning that according to Fox Business last week, Giancarlo, as a key member of Trump's transition team, may assume the role of the first "cryptocurrency czar" in history in the new administration. He was previously rumored to be a strong candidate for the SEC and CFTC new chairmanship, but appears to have pulled out of the competition for the two positions in recent weeks and has said he is open to the role of "cryptocurrency czar." Previously, Trump campaigned for the creation of a Cryptocurrency Presidential Advisory Council to usher in a new era of encryption-friendly policies and legislation within his first 100 days in office, a position the community has dubbed the Cryptocurrency Czar, which will help enforce encryption policies and potentially oversee an industry-led advisory board. Giancarlo, a longtime call for Congress to give the CFTC a greater role in cryptocurrency regulation, wrote to the Senate Agriculture Committee, which oversees the CFTC, in 2022 supporting the CFTC's authority to regulate CryptocurrencySpot. Source: J. Christopher Giancarlo related report Gary Gensler questioned CFTC's inability to regulate cryptocurrency, less than 20% of the SEC's employees CFTC "approves coinization" of non-cash Collaterals in the derivatives market, accelerating the embrace of the Block chain FIT21 encryption can make the U.S. Web3 industry great again? CFTC Commissioner: The regulatory process will be time-consuming: Gary Gensler gives a farewell speech? What encryption regulatory policy will the SEC adopt under Trump 2.0 (Trump administration will let "CFTC dominate cryptocurrency regulation" weaken the SEC, encryption daddy become the popular candidate for the encryption czar) This article was first published in BlockTempo "Dynamic Trend - The Most Influential Block Chain News Media".