According to FOX Business, the incoming Trump administration wants to expand the powers of the Commodity Futures Trading Commission (CFTC), granting it a significant portion of its regulatory authority over digital asset markets. According to sources with direct knowledge of the Trump team's thinking, with Trump in office and the crypto industry's growing influence in Republican politics, the CFTC's responsibilities may soon expand to regulate crypto-cash markets that are considered commodities, such as Bitcoin and Ethereum, and the exchanges that facilitate their trading. Those at the heart of the Trump team believe deregulation is needed to spur innovation in crypto businesses, including potentially transformative blockchain technology that could eliminate costly middlemen in business transactions. Chris Giancarlo, former chairperson of the CFTC, told FOX Business: "With sufficient funding and the right leadership, I think the CFTC can start regulating digital goods on day one of the Trump presidency."