According to Cointelegraph, Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), will step down on January 20. In his speech at the Brookings Institution, he said that the expansion of the crypto industry into traditional financial institutions and the lack of comprehensive supervision may bring challenges.
Behnam, who plans to continue advocating for the CFTC to fill regulatory gaps after he leaves office in February, said the crypto era has highlighted the need to adapt derivatives industry rules to address new problems brought on by new products.
At the same time, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), also plans to step down on January 20. He said that the crypto space is full of bad actors and supervision still needs to be strengthened. Trump plans to nominate former SEC Commissioner Paul Atkins to replace Gensler.