Rostin Behnam, Chairman of the United States Commodity Futures Trading Commission (CFTC), announced that he will resign from his position on January 20, 2025. Behnam emphasized the importance of disciplined regulation of digital assets and a renewed interest in filling the regulatory void in crypto markets.
In his statement, Behnam reflected on his tenure, saying, “It has been an honor and privilege to serve the American public and the CFTC…we have worked to address regulatory gaps and uncertainty.” »
Under Behnam’s leadership, the CFTC has taken significant steps, such as negotiating a $2.7 billion settlement with the Binance exchange for operating an unlicensed derivatives platform in the United States. This regulation was one of the most significant enforcement actions against a cryptocurrency exchange.
Behnam has long argued that many digital tokens should “be classified as commodities and fall under the jurisdiction of the CFTC.” He maintained his position that the agency should be at the forefront of regulating the rapidly growing cryptocurrency market.
He also called the current regulatory environment “insufficient,” urging lawmakers to pass new legislation to position the CFTC as the primary regulator of Bitcoin and other digital currencies.
During his tenure, Behnam helped finalize federal rules for carbon offset trading, a new market that the CFTC is trying to regulate. Attention to risk management in old and new markets has been an important part of his work as chairman.
As Behnam prepares to resign, eyes are on who will replace him. Brian Quintenz, a former CFTC commissioner, has emerged as a leading candidate. Quintenz, who currently heads the policy division of Andreessen Horowitz’s crypto arm a16z, is known for his support of financial innovation and could continue Behnam’s crypto regulation efforts.
Behnam’s resignation leaves the CFTC facing ongoing challenges in regulating digital assets and offshore betting platforms, with the future of U.S. crypto regulation remaining uncertain.
Also read: Gary Gensler resigns as SEC chairman
