- Behnam’s final day on the Fee will probably be February 7
- The CFTC obtained a $12.7 billion judgment in opposition to the now-defunct FTX alternate and Alameda Analysis in 2024
Rostin Behnam, the US Commodity Futures Buying and selling Fee (CFTC) Chair, will step down on January 20 as President-elect Donald Trump enters the White Home.
In a press release launched by the company, Behnam added that his final day on the Fee will probably be February 7. Behnam, who has been a Democratic commissioner on the CFTC since 2017 and as Chair since 2021, stated:
“Over the past several years, a multitude of domestic and global events tested the resilience of all financial markets. I am proud that the Commission consistently made deliberate and intentional decisions to ensure continued strength. We worked to address regulatory gaps and uncertainty. We also responsibly engaged new entrants to support innovation.”
In contrast to the US Securities and Change Fee (SEC), which took a more durable stance in opposition to the crypto market, the CFTC has taken a lighter method. That is regardless of acquiring a $12.7 billion judgment in opposition to the now-defunct FTX alternate and Alameda Analysis final 12 months.
Behnam, who has advocated for crypto regulation, stated that regulation within the crypto market is missing, calling for a must “fill this gap,” given the growing adoption seen by conventional monetary establishments and retail and institutional traders.
No successor named but
Trump has but to call Behnam’s successor; nevertheless, a December report from Bloomberg indicated that Brian Quintenz, a former CFTC Commissioner, is within the working to steer the company.
Quintenz presently leads coverage at a16z Crypto, the digital asset arm of enterprise capital Andreessen Horowitz.
Behnam’s resignation comes amid numerous different company officers resigning forward of Trump’s reappointment to the White Home. Yesterday, it was reported that the US Federal Reserve’s vice chair for supervision Michael Barr is stepping down on February 28.
Gary Gensler, Chair of the SEC, is making ready to depart the company on January 20. Commissioner Jaime Lizárraga may also be stepping down later this month.