Michaela
Rostin Behnam, the chairman of the Commodity Futures Trading Commission (CFTC), has announced his departure after a seven-year tenure at the commission. During his term, Behnam led major enforcement actions and is now urging for stricter regulations on crypto.
On January 7, Behnam confirmed that he will officially step down from his role at the CFTC on January 20. His departure coincides with that of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, who is also set to step down on the same date.
Both officials have selected the final day of President Joe Biden’s administration as their last in office. With the inauguration of President-elect Donald Trump, the incoming administration will face the task of filling key leadership roles at these regulatory agencies.
Throughout Benham’s term, he oversaw several high-profile cases that had a major impact on both the cryptocurrency and derivatives markets. However, the Financial Times reported that Behnam voiced concerns regarding the insufficient oversight in the digital asset sector.
Behnam reportedly expressed concerns about the state of digital asset regulation, telling the Financial Times that it was “insufficient” because “a large swatch of the digital asset space” remains unregulated in the U.S.
Related: CFTC Opens Door for National Trust Banks to Issue Stablecoins
As Rostin Behnam approaches the date of his exit, he stresses the importance of strong checks to meet the increasing demands of market adoption and maintain integrity.
“We worked to address regulatory gaps and uncertainty. We also responsibly engaged new entrants to support innovation,” Behnam wrote in his statement. “As Chairman, I led the agency with a focus on identifying, assessing, and addressing risks within our regulated markets,” he added.
Rostin Behnam exits the CFTC at a pivotal moment, as regulatory authority over crypto spot markets, including Bitcoin trading, is expected to evolve. In various legislative initiatives aimed at setting rules for the crypto industry, the CFTC consistently played a leading role in shaping the framework.
Related: Judge Allows Insider Trading Lawsuit Against Coinbase Execs
Although the agency received some praise from the crypto community for being more balanced than the SEC, it also played a central role in executing some of the toughest enforcement actions.
Behnam urged that his successor bring a “renewed focus” to the crypto market. He emphasized the need for clear guidelines to define what is considered “permissible and impermissible.”
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
