Trump transition team has vetted at least six potential CFTC nominees

The Trump transition team has reviewed at least six potential candidates for the CFTC. Under Trump, the CFTC could play a larger role in regulating the $3.5 trillion cryptocurrency market, including (if Congress allows) regulation of spot markets for certain digital assets such as Bitcoin and Ethereum, where the regulatory environment is still unclear. In recent years, the CFTC, which is responsible for regulating about $500 trillion in currency and financial derivatives transactions, has been in a fierce battle with the SEC over the regulation of the cryptocurrency market. The industry generally prefers the CFTC as the main regulator because of its perceived lighter regulatory power. Under Gary Gensler, the SEC launched a comprehensive crackdown on U.S. cryptocurrency companies, sparking industry dissatisfaction. (FOX Business)