Crypto Hawk Rostin Behnam Steps Down As CFTC Chair Amid Failing Kalshi Lawsuit

Commodities Futures Buying and selling Fee (CFTC) Chairman Rostin Behnam will resign on January 20, 2025, amid an unresolved lawsuit in opposition to retail betting market Kalshi, the company introduced right now.

Behnam’s departure comes because the fee battles with Kalshi over the regulator’s ban on political betting contracts, highlighting the regulatory challenges in rising monetary markets.

Throughout his tenure, Behnam emerged as a staunch advocate for cryptocurrency oversight. His most notable achievement was securing a $4.3 billion settlement with crypto alternate Binance over regulatory violations.

Behnam pushed for increasing the CFTC’s authority over digital property, and advocated for clearer regulatory frameworks in congressional testimony. Underneath his management, the company has intensified enforcement actions in opposition to crypto corporations working outdoors authorized boundaries.

The White Home has not but nominated a successor. Behnam’s departure raises questions concerning the future route of digital asset regulation and the fee’s stance on new monetary merchandise.

Final January, Behnam mentioned he was involved that the then-recent approval of Bitcoin (BTC) exchange-traded funds (ETFs) within the spot market would “exacerbate” the issues surrounding digital asset markets.

In keeping with Behnam, the aim of his enforcement actions has all the time been to guard buyers.

“With no regulatory framework, with out that transparency, with out the instruments that we sometimes use as regulators, you are going to proceed to see this fraud and manipulation.

And past the legitimacy and the place this know-how may go and what position it may play in our financial system and commerce, the web, digital property generally… we simply have to consider issues from a regulatory and shopper safety perspective. And I believe that must be our guiding gentle in driving this dialog, closing these regulatory gaps and creating this framework that’s in the end going to guard American buyers.”

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