Former CFTC Chairman and potentially Trump's crypto Czar Chris Giancarlo commented on the CFTC overseeing the US digital asset space, stating,

"With adequate funding and under the right leadership, I think the CFTC could hit the ground running to begin regulating digital commodities on day one of Donald Trump's presidency."

The plan to give the CFTC greater oversight over digital assets is not new. Senators Cynthia Lummis and Kirsten Gillibrand introduced the Responsible Financial Innovation Act in June 2022. The bipartisan crypto bill aimed to deliver a comprehensive regulatory framework for the US digital asset space and clearly define regulatory responsibilities between the CFTC and the SEC.

Greater CFTC oversight, regulatory clarity, and an end to the SEC's reign of regulation through enforcement would be a boon for the US crypto market.

Former SEC Commissioner Paul Atkins is reportedly leading to become the next SEC Chair. Eleanor Terrett shared an update on the race for SEC Chair, stating,

"Atkins is seen as being capable of establishing a pro-innovation agenda while returning the agency to the so-called "gold standard" many in the Republican Party feel was lost under outgoing chair Gary Gensler."

On Tuesday, November 26, XRP declined by 1.17%, following Monday's 1.26% loss, closing at $1.3988. XRP tracked the broader crypto market, which fell by 1.35%, taking the total crypto market cap to $3.110 trillion.

Looking ahead, Trump's nominations the SEC Chair is crucial. A pro-crypto SEC Chair, supporting an end to ongoing SEC cases against crypto firms, could push XRP toward the May 2021 high of $1.8171. However, XRP must move through the November 23, 2024, high of $1.6299.

Conversely, SEC plans to pursue the Ripple appeal after Trump's inauguration could drag XRP toward $1.