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

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

This timing coincides with the inauguration of President-elect Donald Trump, permitting the incoming administration to nominate an interim chief earlier than Congress approves a everlasting successor.

Behnam’s legacy on the CFTC

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

Whereas his method was much less aggressive than the Gary Gensler-led Securities and Change Fee (SEC), Behnam ceaselessly highlighted the dearth of complete regulation within the digital asset market.

So, he has constantly known as for collaborative efforts between regulatory our bodies to shut gaps in oversight.

Beneath his management, the CFTC spearheaded vital enforcement actions inside the crypto sector. The regulator performed a key position within the report $4.3 billion effective in opposition to Binance, the world’s largest crypto change.

Moreover, it not too long ago secured a $5 million settlement from Gemini co-founders Tyler and Cameron Winklevoss over allegations that they misled the company throughout their bid to launch a Bitcoin futures product.

The CFTC additionally pursued authorized actions 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 exit, hypothesis about his alternative has intensified. Market observers imagine President-elect Trump could appoint a pro-crypto candidate, given his historical past of supporting such figures in regulatory roles.

In the meantime, stories have steered that Republican Commissioners Summer time Mersinger and Caroline Pham are potential candidates to function performing Chair.

One other title within the combine is Brian Quintenz, a former CFTC Commissioner identified for advocating clear guidelines for rising applied sciences.

Throughout his tenure, Quintenz championed progressive approaches, together with tokenized commodities and decentralized finance, making him a powerful contender for the position.

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