The U.S. Commodity Futures Trading Commission, a tiny regulator compared with the Securities and Exchange Commission, may emerge as the arbiter of crypto asset regulation in a second Trump administration, according to a media report on Wednesday.

The incoming Trump administration wants to expand the power of the CFTC by granting it oversight of a significant portion of the $3 trillion digital asset market.

The Trump government is reportedly looking at the possibility of giving the CFTC the authority to regulate the spot market for Bitcoin and other cryptocurrencies, potentially providing more clarity on which regulator should oversee the industry.

Donald Trump’s incoming administration has plans to hand over most of the crypto industry’s regulatory power to the Commodity Futures Trading Commission (CFTC). This is a direct move to strip the Securities and Exchange Commission (SEC) of its grip on the $3 trillion crypto market—a market that’s been stuck in a regulatory disaster for years.