- Behnam's final day on the Fee will likely be February 7
- CFTC wins $12.7 billion judgment in 2024 towards now-defunct alternate FTX and Alameda Analysis
Rostin Behnam, the chairman of the US Commodity Futures Buying and selling Fee (CFTC), will step down on January 20 when President-elect Donald Trump enters the White Home.
In a press release issued by the company, Behnam added that his final day on the Fee will likely be February 7. Behnam, who has been a Democratic commissioner on the CFTC since 2017 and chairman since 2021, mentioned:
“Over the previous few years, the resilience of all monetary markets has been examined by quite a lot of home and world occasions. I’m proud that the Fee has constantly made deliberate and deliberate selections to make sure lasting power. We labored to handle regulatory gaps and uncertainty. We additionally responsibly engaged new entrants to help innovation.”
In distinction to the harder stance taken by the US Securities and Alternate Fee (SEC) in the direction of the crypto market, the CFTC has taken a lighter strategy. That's although it received a $12.7 billion judgment final 12 months towards the now-defunct alternate FTX and Alameda Analysis.
Behnam, who has advocated for cryptocurrency regulation, mentioned regulation within the cryptocurrency market is missing and known as for the necessity to “fill that hole” given the rising adoption by mainstream monetary establishments and retail and institutional buyers.
No successor has but been named
Trump has but to call Behnam's successor; nevertheless, a December Bloomberg report indicated that Brian Quintenz, a former CFTC commissioner, was within the operating to steer the company.
Quintenz at the moment leads coverage at a16z Crypto, the digital asset arm of enterprise capital agency Andreessen Horowitz.
Behnam's resignation comes as quite a lot of different company officers resign forward of Trump's re-appointment to the White Home. It was introduced yesterday that Federal Reserve Board Vice Chairman for Supervision Michael Barr is stepping down on February 28.
SEC Chairman Gary Gensler is getting ready to go away the company on January 20. Commissioner Jaime Lizárraga will even step down on the finish of this month.
