SEC could partially lose control over crypto market

The Securities and Exchange Commission’s reign over the crypto industry is apparently over. The new U.S. administration led by Donald Trump is considering granting the Commodity Futures Trading Commission new responsibilities in the sphere. According to Fox Business, the commission will oversee crypto assets classified as commodities and crypto exchanges, thus minimizing the SEC’s influence.

This decision could be linked to criticism of the SEC’s actions. The incoming administration considers the agency to stand in the way of the growth of the U.S. blockchain industry. Experts believe the CFTC can establish a lighter regulatory framework, thus boosting the development of the crypto industry.

Almost all former CFTC chairmen, as well as the current one, agree with the initiative. Back in 2015, former chairman Christopher Giancarlo suggested the CFTC should oversee digital currencies. Current chairman Rostin Behnam said the CFTC was ready to guarantee more effective crypto regulation.

According to a post by Fox Business reporter Eleanor Terrett quoting two sources, former commissioner Paul Atkins appears to be the key candidate to lead the SEC under Trump’s administration. Earlier, Gary Gensler announced he was planning to resign in January 2025.