The emergence of John Thune as majority leader in the U.S. Senate raises hopes for CFTC-led crypto regulation. Republican Senator Thune is known as a supporter of the crypto industry and has previously supported initiatives to leave crypto regulation to the CFTC. The U.S. regulator of futures and options markets is seen by the crypto industry as more accessible to the industry.

Within the crypto sector, there has long been debate over which authority should be responsible for different types of crypto assets. Indeed, crypto assets can be considered both commodities (e.g., Bitcoin) and securities (e.g., some tokens and coins).

The CFTC considers cryptocurrencies such as Bitcoin and Ether to be commodities and therefore oversees derivatives on them, such as Bitcoin futures. The SEC, on the other hand, classifies many tokens and cryptocurrencies as securities and has cracked down on several crypto companies in the past, accusing them of offering "unregistered securities."

The crypto sector speaks of a "hostile environment" created by the SEC. Under Trump's presidency, therefore, many within the industry are hoping for better relations with the regulator. The Republican promised during his campaign to replace Gary Gensler, the SEC chairman.

Not only would the CFTC and SEC potentially become more friendly to crypto under Trump, but so would the Treasury Department. Scott Bessent, a crypto enthusiast and investor, is being mentioned as a candidate for the role of Treasury Secretary.

To date, there is no specific legislation for digital assets in the United States. While there are cross-party efforts to address this, a final agreement has not yet been reached.