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Learning & News => News related to Crypto => Topic started by: TomPluz on November 27, 2024, 06:13:20 AM

Title: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: TomPluz on November 27, 2024, 06:13:20 AM

Quote

Donald Trump plans to expand Commodity Futures Trading Commission (CFTC) authority to oversee $3 trillion cryptocurrency market, focusing on Bitcoin, Ethereum and exchanges in a bid to establish clearer regulation.

This is part of President-elect Trump’s plan to overhaul U.S. financial regulations, marking a major shift in how the cryptocurrency market is regulated.

The Trump administration is considering giving the CFTC more authority to oversee the burgeoning digital asset market, according to a report from Fox Business. The proposal focuses on digital assets like Bitcoin and Ethereum, which are considered commodities under current law. If approved, the CFTC would have oversight over both spot markets and related exchanges.


Get more details of this development here. (https://azc.news/donald-trump-to-grant-cftc-oversight-of-the-crypto-market-id30558/)


I am expecting many good changes to come up from the coming Trump administration and certainly as part of his many plans and promises the cryptocurrency industry will be one of those taking the limelight and focus. The plan to put this industry under the Commodity Futures Trading Commission (CFTC) can lead to a more comprehensive, clearer and acceptable regulatory move making the government not the enemy but an ally, finally. That is, of course, if there will be no another Gary Gensler in CFTC.

What do you think on this move...will this be a better one for the industry or you have some back-of-the-mind doubts?


(https://azc.news/wp-content/uploads/2024/11/AZCNews-Donald-Trump-to-Grant-CFTC-Oversight-of-the-Crypto-Market.webp)




Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: Z-tight on November 27, 2024, 09:58:36 AM
So many new developments are coming in, i don't know what the effect will be in the long run, if it will be positive or negative and if the president-elect would still continue showing the interest he showed towards BTC pre election, or if they are going to create a 'shitcoin' and shift focus to it.

However, i agree that if there is to be regulation, it should be clearer for all to understand, and not penalty first before the laws are understood properly.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: ABCbits on November 27, 2024, 10:25:01 AM
I may be wrong, but there's possibility of task overlap since SEC already monitor cryptocurrency market. So if Trump actually execute this plan, i wonder what kind of task CFTC will do that SEC don't.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: Nheer on November 27, 2024, 01:15:35 PM
Quote from: TomPluz on November 27, 2024, 06:13:20 AM

Quote

Donald Trump plans to expand Commodity Futures Trading Commission (CFTC) authority to oversee $3 trillion cryptocurrency market, focusing on Bitcoin, Ethereum and exchanges in a bid to establish clearer regulation.

This is part of President-elect Trump’s plan to overhaul U.S. financial regulations, marking a major shift in how the cryptocurrency market is regulated.

The Trump administration is considering giving the CFTC more authority to oversee the burgeoning digital asset market, according to a report from Fox Business. The proposal focuses on digital assets like Bitcoin and Ethereum, which are considered commodities under current law. If approved, the CFTC would have oversight over both spot markets and related exchanges.


Get more details of this development here. (https://azc.news/donald-trump-to-grant-cftc-oversight-of-the-crypto-market-id30558/)


I am expecting many good changes to come up from the coming Trump administration and certainly as part of his many plans and promises the cryptocurrency industry will be one of those taking the limelight and focus. The plan to put this industry under the Commodity Futures Trading Commission (CFTC) can lead to a more comprehensive, clearer and acceptable regulatory move making the government not the enemy but an ally, finally. That is, of course, if there will be no another Gary Gensler in CFTC.

What do you think on this move...will this be a better one for the industry or you have some back-of-the-mind doubts?


(https://azc.news/wp-content/uploads/2024/11/AZCNews-Donald-Trump-to-Grant-CFTC-Oversight-of-the-Crypto-Market.webp)

I can say it a very promotive idea at least cryptocurrency  will be recognized by many individuals all other the world and more to it we traders have a very good support of the government at our back and we will be very important to the nation. But we can’t actually says that this idea would last long cause government have many and lot of policies they meant turn against it but we are hoping this idea don’t turns otherwise.
But it really a perfect idea cryptocurrency will be used very accurately and will be considered not a scam or anything that will brings negative impact to the ecosystem. With the government support I guess trading market will be doing more good to the society and everyone.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: target on November 27, 2024, 01:28:50 PM

Why focus only on Eth and BTC?

All crypto are considered commodity if it's CFTC that will handle the market but if they are only looking into BTC and ETH, all the rest could still be under SEC which someone that is still not friendly to crypto who will replace Gensler in the commission. I hope to be wrong though.

We still are yet unsure what Trumps plan yet and the changes they'd do until he sits for at least a year.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: hugeblack on November 27, 2024, 01:43:22 PM
I think the first weeks of Trump's administration and the first decisions related to cryptocurrencies are what will prove Trump's seriousness towards cryptocurrencies and the extent of regulation that will be and whether it will be beneficial or harmful to the industry.


Quote from: target on November 27, 2024, 01:28:50 PM

Why focus only on Eth and BTC?

If we remove Bitcoin, Ethereum and stablecoins, the market capacity will be very low.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: Bobcrypto on November 27, 2024, 04:20:20 PM
Quote from: ABCbits on November 27, 2024, 10:25:01 AM
I may be wrong, but there's possibility of task overlap since SEC already monitor cryptocurrency market. So if Trump actually execute this plan, i wonder what kind of task CFTC will do that SEC don't.

I think from this move the SEC duty as far as Bitcoin are concerned should be clearer. In my opinion, the new regime should limit the SEC duty by given the CFTC extended roll especially in terms of regulations of the crypto sector to accommodate all parties.
The SEC has instituted many court cases against some crypto projects before establishing guidelines or laws on their level of operations in the US. I thinking the introduction of CFTC is welcomed developments, and I'm hoping it brings the needed results that will further promote cryptocurrency growth and developments at the long run.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: yhiaali3 on November 27, 2024, 07:02:06 PM
Why would the CFTC oversee both the spot markets and the related exchanges? What would the SEC do in this case? Would its powers be limited?

I don’t know what the point of expanding the CFTC’s mandate and giving it more power over the SEC is? If the problem is with the SEC and its chairman Gary Gensler, he will step down early next year, I think it would be better to focus on electing a new SEC chairman rather than thinking about expanding the CFTC’s mandate and overlapping its responsibilities.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: Playboy on November 27, 2024, 08:46:33 PM
The Trump train keeps on moving. Let's see how it goes with the SEC.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: robelneo on November 28, 2024, 02:07:38 AM
Quote from: TomPluz on November 27, 2024, 06:13:20 AM
The plan to put this industry under the Commodity Futures Trading Commission (CFTC) can lead to a more comprehensive, clearer and acceptable regulatory move making the government not the enemy but an ally, finally. That is, of course, if there will be no another Gary Gensler in CFTC.

What do you think on this move...will this be a better one for the industry or you have some back-of-the-mind doubts?

Trump did the first thing that needs to be done so we can say he is on track about cryptocurrency, and the next thing to do is put the right people who are in tune with his vision and what he promised to the Cryptocurrency community.
But we will know more and we will have a clearer picture once Trump is on the White House; this is where everything starts and he is in full command on everything.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: MrSpasybo on November 28, 2024, 03:47:47 AM
Quote from: yhiaali3 on November 27, 2024, 07:02:06 PM
Why would the CFTC oversee both the spot markets and the related exchanges? What would the SEC do in this case? Would its powers be limited?

I don’t know what the point of expanding the CFTC’s mandate and giving it more power over the SEC is? If the problem is with the SEC and its chairman Gary Gensler, he will step down early next year, I think it would be better to focus on electing a new SEC chairman rather than thinking about expanding the CFTC’s mandate and overlapping its responsibilities.
SEC can only manage issues related to securities, while CFTC will manage the commodity market, so crypto should be regulated by the CFTC. The CFTC usually has an open-minded view towards crypto, and I hope they will find a way to support the development of this new market.

EX can list both securities and crypto, if it lists crypto, it will also be subject to CFTC regulation to protect crypto users and investors. I don't care much about the new SEC chairman because the SEC will no longer be able to easily reach crypto as before.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: hugeblack on November 28, 2024, 08:49:56 AM
Quote from: MrSpasybo on November 28, 2024, 03:47:47 AM
SEC can only manage issues related to securities, while CFTC will manage the commodity market, so crypto should be regulated by the CFTC. The CFTC usually has an open-minded view towards crypto, and I hope they will find a way to support the development of this new market.

Some cryptocurrencies are classified as a commodity, so if there is broad regulation, we will see the CFTC overseeing some cryptocurrencies.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: bitterguy28 on November 28, 2024, 09:07:32 AM
Quote from: ABCbits on November 27, 2024, 10:25:01 AM
I may be wrong, but there's possibility of task overlap since SEC already monitor cryptocurrency market. So if Trump actually execute this plan, i wonder what kind of task CFTC will do that SEC don't.
i am guessing they would have to officially recognize what bitcoin or cryptocurrency is correct me if i am wrong but if cftc will handle a lot of the regulatory process for bitcoin ethereum and other cryptocurrencies will it fall under being a commodity?

there’s often debate whether what bitcoin actually is it a security or a commodity? answering that would determine which government agency should foresee the regulation of cryptocurrencies whether it should be sec of cftc

if both of them remain their hands on crypto i don’t know if they will come into a conclusion
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: Z-tight on November 28, 2024, 10:04:29 AM
Quote from: target on November 27, 2024, 01:28:50 PM
All crypto are considered commodity if it's CFTC that will handle the market but if they are only looking into BTC and ETH, all the rest could still be under SEC which someone that is still not friendly to crypto who will replace Gensler in the commission. I hope to be wrong though.
Not all cryptocurrencies are considered a commodity under the U.S. laws, so i guess the cftc will handle cryptocurrencies that are considered commodities, while the security and exchange commission will handle coins that are securities. I am not sure, just speculating, we would get more information about it when the final decision is made, and i believe that the new sec chair will not operate like the outgoing one.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: ABCbits on November 29, 2024, 09:52:41 AM
Quote from: bitterguy28 on November 28, 2024, 09:07:32 AM
Quote from: ABCbits on November 27, 2024, 10:25:01 AM
I may be wrong, but there's possibility of task overlap since SEC already monitor cryptocurrency market. So if Trump actually execute this plan, i wonder what kind of task CFTC will do that SEC don't.
i am guessing they would have to officially recognize what bitcoin or cryptocurrency is correct me if i am wrong but if cftc will handle a lot of the regulatory process for bitcoin ethereum and other cryptocurrencies will it fall under being a commodity?

there’s often debate whether what bitcoin actually is it a security or a commodity? answering that would determine which government agency should foresee the regulation of cryptocurrencies whether it should be sec of cftc

if both of them remain their hands on crypto i don’t know if they will come into a conclusion

As reminder, current SEC chair state Bitcoin isn't security on some occasion[1-2]. So if CFTC were given power to monitor crypto market, IMO it just make Bitcoin status as community become more explicit.

[1] https://cryptobriefing.com/bitcoin-non-security-sec-update/ (https://cryptobriefing.com/bitcoin-non-security-sec-update/)
[2] https://cryptoslate.com/sec-chair-gensler-confirms-everything-other-than-bitcoin-is-a-security-implications-and-analysis/ (https://cryptoslate.com/sec-chair-gensler-confirms-everything-other-than-bitcoin-is-a-security-implications-and-analysis/)
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: TomPluz on December 01, 2024, 02:53:46 PM
Quote from: Z-tight on November 27, 2024, 09:58:36 AM

...i agree that if there is to be regulation, it should be clearer for all to understand, and not penalty first before the laws are understood properly.


The SEC under the infamous Gary Gensler who will leave soon has been heavily criticized for doing what many termed as "regulations by enforcement" which is actually a form of lawfare. Finally, he will be leaving before Trump will take office in January and a new SEC Chairman can be coming who is presumed to be friendly (though he can still be strict) and fair to the cryptocurrency industry. I believe that SEC among other governmental agencies should be working towards clarifying the laws they are implementing and if possible make a regulatory law specific to this expanding yet still fledging industry. There are many good news on the horizon and I think the prices of many coins in the market are reflecting this excitement and hope for a better era.


Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: Stompix on December 01, 2024, 10:45:07 PM
Quote from: ABCbits on November 29, 2024, 09:52:41 AM
As reminder, current SEC chair state Bitcoin isn't security on some occasion[1-2]. l]

Gensler was always a Bitcoin maxi, he said it always that Bitcoin is not a security, altcoin lovers can shit on the guy how much they want but for Bitcoin he was the best we could get, clearly painting a border between a truly decentralized crypto and pump and dump tokens issued by unknown entities that wouldn't pass the Howey test!

And speaking of politics, wait till some realize that the chairman of the CTFC is a Democrat that was nominated by Trump back in 2017!  ;)
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: Bobcrypto on December 27, 2024, 07:01:08 AM
Quote from: Z-tight on November 27, 2024, 09:58:36 AM
So many new developments are coming in, i don't know what the effect will be in the long run, if it will be positive or negative and if the president-elect would still continue showing the interest he showed towards BTC pre election, or if they are going to create a 'shitcoin' and shift focus to it.

However, i agree that if there is to be regulation, it should be clearer for all to understand, and not penalty first before the laws are understood properly.

I understood that part of the president elect plans on crypto was not to create a shitcoins and focus on it.  Donald Trump made ten promise during his campaign era, and it is becoming obvious that he has already started with some notable appointments.
Effect from January, 2025, Mr Paul Atkins will take over the affair of the SEC, this part of his promises made to the crypto community is now settled.
We are still hoping that nine more of the promises made are loading but it is going to be gradual process in my opinion
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: NotATether on January 03, 2025, 12:58:58 PM
WTF is Gary Gensler doing on a news picture of Trump giving CFTC control of the crypto market regulations? I think he had resigned by that point.

But more baffling is putting SBF's picture there. He was literally in prison by the time this happened. So of course there is no way he is going to benefit from this. These news organizations just put whatever they want on the news, even if it doesn't make any sense.
Title: Re: Trump to Grant CFTC Oversight of the Crypto Market?
Post by: Bobcrypto on January 15, 2025, 08:13:57 AM
Quote from: ABCbits on November 27, 2024, 10:25:01 AM
I may be wrong, but there's possibility of task overlap since SEC already monitor cryptocurrency market. So if Trump actually execute this plan, i wonder what kind of task CFTC will do that SEC don't.

I think that there will not be any task overlap or conflicting ideas from both bodies. It may be that Donald Trump wanted a check and balance situation on the crypto economy. The CFTC may just be specifically an advisory body to the president on the crypto market.
Other duties with regard to regulations, rules or laws that will govern the crypto sector, security, mining, ETF and others, will be handle by the SEC in my opinion.