As an analyst with over two decades of experience navigating the complex landscape of financial regulations and markets, I find myself intrigued by the potential shift in the US regulatory framework for digital assets under the incoming Trump administration.
Based on a Fox Business report, it appears that insiders indicate the incoming Trump administration could grant more regulatory power to the Commodity Futures Trading Commission (CFTC), potentially allowing them to oversee specific types of cryptocurrencies.
SEC’s Crypto Loss Is CFTC’s Gain
As I, a researcher, approach the final stretch before the new Republican administration takes office in less than two months, it’s clear that they are making significant progress towards realizing their pledged initiatives, notably establishing a welcoming regulatory environment for digital assets.
Under the Trump administration, there are plans to broaden the responsibilities of the Commodity Futures Trading Commission (CFTC) in regulating the $3 trillion digital asset market. This could possibly reduce the Securities and Exchange Commission’s (SEC) authority over cryptocurrencies.
As a passionate crypto investor, I’ve frequently found myself at odds with the outgoing SEC Chair, Gary Gensler, due to his perceived restrictions on the expansion of the digital asset sector. His stance, which labels most cryptocurrencies (except for Bitcoin) as securities, has stirred controversy and raised concerns within our community. The SEC’s approach, often criticized as “regulation-by-enforcement,” has undeniably made them less than favorable in the eyes of US crypto industry participants.
As the Biden administration concludes, there’s speculation that a pro-crypto Trump presidency could bring about changes in Washington’s viewpoint towards digital assets. A recent judgment from a Texas court has weakened the Securities and Exchange Commission (SEC) by overturning their contested broker-dealer rule.
Reports indicate that the Commodity Futures Trading Commission (CFTC) could broaden its responsibilities to oversee digital asset trading platforms dealing in commodity-classified cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Previously serving as CFTC Chair, Chris Giancarlo has expressed his views on this development.
Given sufficient financial support and competent management, I believe the Commodity Futures Trading Commission (CFTC) would be ready to immediately start overseeing digital commodities upon Donald Trump’s inauguration as president.
Noteworthy to mention, Giancarlo is being contemplated for a vaguely defined “cryptocurrency chief” position within the Trump administration. As per the latest updates, this newly created role may involve guiding crypto policies and possibly supervising a consultative board comprised of industry leaders.
Sweeping Digital Asset Changes Expected Under Trump Presidency
In addition to matters such as immigration and trade taxes, Trump’s election campaign emphasized making the U.S. a global leader in cryptocurrency. To achieve this goal, the incoming president is selecting regulatory figures who hold generally favorable or neutral opinions about digital currencies.
From my perspective as a researcher, I’m excited about the growing optimism among asset managers like Bitwise and WisdomTree. They believe that the resurgence in the digital asset industry could pave the way for the approval of exchange-traded funds (ETFs) for virtual assets such as XRP and Solana (SOL).
Latest news points towards the possibility that Trump’s administration might establish a National Bitcoin Reservoir (NBR), aimed at mitigating inflation issues and addressing economic uncertainties on a broader scale. This concept is garnering approval among financial heavyweights such as BlackRock.
It’s noteworthy that similar initiatives are being pursued worldwide. A Brazilian federal deputy named Eros Biondini has proposed a bill for creating a national Bitcoin reserve. This move is intended to add diversity to the nation’s financial reserves. As of the press time, the value of one Bitcoin stands at approximately $94,784, marking a 1.4% increase over the past day.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- APU PREDICTION. APU cryptocurrency
- USD COP PREDICTION
- USD GEL PREDICTION
- USD PHP PREDICTION
- Best MP5 Build in Delta Force
- TAO PREDICTION. TAO cryptocurrency
- CHEEMS PREDICTION. CHEEMS cryptocurrency
2024-11-28 07:41