Financial Times, Jan. 6, reported that Rostin Behram, Chairman of the US Commodity Futures Trading Commission CFTC has confirmed he is resigning from the organization effective January 20.
The timing of this announcement coincides with Donald Trump’s inauguration, which allows the new administration to name an interim leader until Congress has approved a permanent replacement.
Behnam’s legacy at the CFTC
Behnam has overseen significant regulatory developments for cryptocurrencies during his tenure.
Behnam, who was less aggressive in his approach than Gary Gensler’s Securities and Exchange Commission led by Gary Gensler (SEC), frequently pointed out the absence of comprehensive regulations on the digital asset markets.
He has therefore consistently called on regulatory agencies to work together in order to eliminate oversight gaps.
Under his leadership the CFTC led significant enforcement measures within the crypto-sector. The regulator played a key role in the record $4.3 billion fine against Binance, the world’s largest crypto exchange.
Also, the company recently settled a lawsuit with Gemini founders Tyler Winklevoss for $5 million over claims that they had misled it during its bid to introduce a Bitcoin Futures product.
The CFTC also pursued legal actions against several defunct crypto firms, including FTX and Celsius Network, underscoring Behnam’s commitment to protecting market integrity.
Successors
Behnam’s departure has fueled speculation over his successor. The market believes that President-elect Trump will appoint an anti-crypto candidate given Trump’s history in supporting crypto candidates for regulatory positions.
There are reports that Summer Mersinger, a Republican commissioner and Caroline Pham, a Republican commissioner could be candidates to act as chair.
Brian Quintenz also makes the list. A former CFTC Commission, he is known for his advocacy of clear rules regarding emerging technologies.
Quintenz, who was in charge of the company during this time, championed innovative methods, like tokenized commodities, and decentralized financial systems, which made him a serious contender.
Quintenz is currently the head of policy at Andreessen Horowitz’s crypto division, a16z.
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