241127: Trump’s Crypto Plan: SEC’s Role Diminishes as CFTC Steps In
Donald Trump's administration is reportedly considering shifting crypto regulation to the Commodity Futures Trading Commission (CFTC), potentially reducing the Securities and Exchange Commission's (SEC) role. The move could grant the CFTC oversight of crypto spot markets and exchanges for digital assets classified as commodities, according to Fox Business.
Trump’s team argues that the SEC’s aggressive enforcement has hindered U.S. crypto innovation, and a less restrictive approach may foster industry growth. The CFTC, seen as more industry-friendly with a lighter regulatory touch, is favored by many in the crypto sector. Former CFTC Chair Chris Giancarlo believes the agency is well-positioned to regulate digital commodities if provided with adequate funding and leadership.
The CFTC’s $706 million budget and 700 staff are significantly smaller than the SEC’s $3 billion budget and 5,300 employees. Despite its limited resources, the CFTC has actively pursued crypto-related enforcement, with half its actions in 2024 targeting the sector.
Meanwhile, SEC leadership changes are on the horizon, as Chair Gary Gensler and Commissioner Jaime Lizárraga will step down in early 2025, possibly signaling a shift in regulatory priorities. The transition could mark a pivotal moment for U.S. crypto regulation.
Source: Cointelegraph
Futures Market Updates
In the past 24 hours, BTC futures experienced a decline in total open interest (-4.83%) and a slight drop in volume (-1.56%), while ETH futures saw a small increase in open interest (+1.22%) but a significant drop in trading volume (-25.94%). Liquidations for BTC were higher overall, particularly for longs ($76.03M), compared to ETH longs ($60.70M). Both BTC and ETH had more shorts than longs, with similar long/short ratios, but ETH funding rates (0.0300%) were slightly higher than BTC (0.0247%). This reflects contrasting trends: BTC showed reduced activity across metrics, while ETH saw mixed signals, with increasing open interest despite sharply lower trading volume.
BTC Futures Updates
Total BTC Open Interest: $59.42B (-4.83%)
BTC Volume (24H): $127.49B (-1.56%)
BTC Liquidations (24H): $76.03M (Long)/$41.50M (Short)
Long/Short Ratio: 48.76%/51.24%
Funding Rate: 0.0247%
Ether Futures Updates
Total ETH Open Interest: $21.54B (+1.22%)
ETH Volume (24H): $56.28B (-25.94%)
ETH Liquidations (24H): $60.70M (Long)/$16.10M (Short)
Long/Short Ratio: 48.24%/51.76%
Funding Rate: 0.0300%
Top 3 OI Surges
POWR: $27.20M (+136.32%)
REN: $14.55M (+75.36%)
MEMEFI: $39.78M (+71.69%)
