Rostin Behnam to step down as CFTC chair as Trump takes office

Rostin Behnam, chairman of the US Commodity Futures Buying and selling Fee (CFTC), confirmed that he’ll resign from the company efficient January 20, the Monetary Occasions reported on January 6.

The timing coincides with the inauguration of newly elected President Donald Trump, permitting the brand new administration to nominate an interim chief earlier than Congress approves a everlasting successor.

Behnam’s legacy on the CFTC

Throughout his tenure, Behnam oversaw important developments within the regulatory oversight of cryptocurrencies.

Though his strategy was much less aggressive than that of the Gary Gensler-led Securities and Alternate Fee (SEC), Behnam often highlighted the shortage of complete regulation within the digital asset market.

That is why he has constantly known as for cooperation between regulators to shut oversight gaps.

Below his management, the CFTC led important enforcement actions throughout the crypto sector. The regulator performed a key position within the document $4.3 billion superb in opposition to Binance, the world’s largest cryptocurrency change.

Moreover, it just lately secured a $5 million settlement from Gemini co-founders Tyler and Cameron Winklevoss over allegations that they misled the company throughout their try and launch a Bitcoin futures product.

The CFTC has additionally taken authorized motion in opposition to a number of defunct crypto corporations, together with FTX and Celsius Community, underscoring Behnam’s dedication to defending market integrity.

Doable successors

As Behnam prepares to depart, hypothesis about his alternative has elevated. Market observers consider that newly elected President Trump might appoint a pro-crypto candidate given his historical past of supporting such figures in regulatory positions.

In the meantime, studies have instructed that Republican Commissioners Summer season Mersinger and Caroline Pham are potential candidates to function appearing chair.

One other identify within the combine is ​​Brian Quintenz, a former CFTC commissioner identified for his advocacy for clear guidelines for rising applied sciences.

Throughout his tenure, Quintenz championed modern approaches together with tokenized commodities and decentralized finance, making him a robust candidate for the position.

Quintenz is at the moment head of coverage at Andreessen Horowitz’s crypto division, a16z.

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