CFTC Chairman Rostin Behnam to Step Down, Paving the Way for New Crypto Regulatory Era

Behnam’s Resignation and the Future of Crypto Regulation

Rostin Behnam, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), has announced his resignation, effective January 20th, with his final day at the Commission being February 7th. This move coincides with the inauguration of President Trump, allowing the new administration to appoint a new Chief to drive its crypto policy agenda.

Behnam’s Tenure and Crypto Regulatory Efforts

During his tenure, Behnam pushed for the CFTC to have broader authority over cryptocurrency markets, advocating for the commission to become the primary US crypto regulator. He sought to grant the CFTC legislative authority over crypto, but his efforts were largely unfulfilled. Despite this, the CFTC has been involved in several high-profile lawsuits against crypto firms, including FTX and Binance.

A New Era for Crypto Regulation

The CFTC’s role in crypto regulation is expected to change under the new administration, with the agency potentially becoming a critical player in President Trump’s administration. The Republicans’ control of Congress and the White House may lead to more crypto-friendly policies, and the CFTC could expand its jurisdiction to include major tokens like Bitcoin and Ether.

Potential Successors to Behnam

Several candidates have been suggested to replace Behnam, including Republican commissioners Summer Mersinger and Caroline Pham. External candidates, such as former Republican Commissioner Brian Quintenz, Josh Sterling, and Neal Kumar, have also been mentioned. The permanent chair must be approved by the Senate.

Conclusion

Rostin Behnam’s resignation marks the end of an era for the CFTC, and his departure paves the way for a new era in crypto regulation. As the CFTC’s role in crypto regulation evolves, it will be important to monitor the agency’s actions and the impact of the new administration’s crypto policy agenda. With the potential for more crypto-friendly policies on the horizon, the future of crypto regulation in the US is likely to be shaped by the CFTC’s new leadership.

Source: Bitrss.com

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