Former CFTC Chairman "Trump Administration To Give Crypto Oversight To CFTC"

"Much of SEC Rights Transferred to CFTC"
"CFTC Jurisdiction, Including Exchanges"

Christian Giancarlo, former chairman of the U.S. Commodity Exchange Commission(CFTC), has claimed that the second Trump administration will transfer regulatory jurisdiction over the cryptocurrency market to the CFTC for the purpose of proper distribution of authority between SEC and CFTC.

In an interview with Fox Business on Nov. 26, former Chairman Giancarlo said, "The Trump administration will give CFTC much of its oversight of the cryptocurrency market, which is about $3 trillion, to expand CFTC's power," adding, "This is a work to weaken some of the regulatory powers that the SEC exercised on the cryptocurrency market, led by SEC Chairman Gensler."

"If there is proper funding and the right leadership, the CFTC will regulate the cryptocurrency market from the first day of Trump's presidency," he stressed.

Currently, Giancarlo, former chairman of the CFTC, is one of the leading appointees for the position dedicated to cryptocurrency policy in the White House, which Trump will establish upon the launch of the new administration.

The CFTC's regulatory jurisdiction will also include cryptocurrency exchanges, Fox Business reported, citing testimony from sources who are in contact with Trump's transition team.

As reported by Giancarlo and Fox Business, the "Responsible Financial Innovation Act" proposed by Cynthia Lummis, a member of the Congress, will be a U.S. integrated cryptocurrency regulation bill, if the CFTC secures jurisdiction over the cryptocurrency market in the U.S.

Republican Senator Cynthia Lummis' 2022 Proposition The Responsible Financial Innovation Act is evaluated as a "draft of the U.S. Unified Cryptocurrency Regulation," and it contains the content that the CFTC and the SEC divide the jurisdiction over the cryptocurrency market by classifying cryptocurrency into products and securities according to the characteristics of cryptocurrency. However, the Responsible Financial Innovation Act includes a number of provisions that empower CFTC and is actually evaluated as a bill that points to CFTC as a regulatory body dedicated to cryptocurrency.

권승원 기자 ksw@blockstreet.co.kr