U.S. CFTC Chairman Rostin Behnam will resign from his position on January 20, but President Trump has yet to appoint a successor for Behnam. In his final public speech this week at the Brookings Institution, he extensively discussed cryptocurrencies and the necessity of elevating the CFTC as its regulatory body.
Behnam stated that cryptocurrencies "dominated every period of my tenure," and he said, "Market regulators play a critical role in ensuring that financial innovation is integrated into a culture of regulation and compliance, protecting consumers and providing legal certainty," adding that he has never favored an enforcement-driven approach.
He stated, "In the absence of federal legislation, concerns about customer protection, fraud, and market abuse are escalating, along with broader market resilience and even financial stability. We have seen this historically, and we have placed large swathes of the financial sector outside of oversight and accountability, and time and again, we see that the ultimate outcome is bad." He urged protections for investors "eager to incorporate digital asset products into their portfolios." (CoinDesk)