Analysis: The US CFTC has limited manpower and budget, and whether it can be competent for crypto regulation has attracted attention

Chris Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) in the United States, has advocated for the legalization of Bitcoin futures and is known in the industry as the "father of encryption." Giancarlo has repeatedly stated publicly that the CFTC is the ideal choice for managing the cryptocurrency market, especially in the context of Bitcoin and Ethereum being considered commodities. The Trump administration's plan is consistent with Giancarlo's views and provides policy support for the CFTC to play a greater role in regulating digital assets. However, the CFTC's manpower and budget resources are relatively limited compared to the SEC. In 2024, the CFTC's operating budget is $400 million, only one-sixth of the SEC's, and its staff is also much smaller than the SEC's. In this situation, whether the CFTC can handle the expanded scope of responsibilities is still an important practical issue.