• Behnum's final day on the committee might be February seventh.
• CFTC obtained $12.7 billion judgment in 2024 in opposition to now-defunct FTX alternate and Alameda Analysis

Rostin Behnum, chairman of the U.S. Commodity Futures Buying and selling Fee (CFTC), will resign on January twentieth as President-elect Donald Trump enters the White Home.

In a press release launched by the company, Behnum added that his final day on the committee might be February 7. “The CFTC has been a Democratic committee member since 2017 and chair since 2021,” stated Behnum.

“Over the previous few years, various home and worldwide occasions have examined the resilience of all monetary markets. We labored to handle regulatory gaps and uncertainties. We additionally responsibly employed new entrants to assist innovation. ”

Not like the more durable stance taken by the U.S. Securities and Change Fee (SEC) in the direction of the crypto market, the CFTC has taken a extra reasonable strategy. That is regardless of securing a $12.7 billion judgment final 12 months in opposition to the now-defunct FTX alternate and Alameda Analysis.

Behnam, who has been advocating for the regulation of cryptocurrencies, stated that there’s a lack of regulation within the crypto market, and given the growing adoption by conventional monetary establishments, particular person traders, and institutional traders, “we have to shut this hole. ” appealed for the need.

A successor has not but been determined

President Trump has not but named Behnum's successor. Nonetheless, a December report from Bloomberg revealed that former CFTC Commissioner Brian Quintenz is operating for the highest place on the company.

Quintens at present leads coverage at a16z Crypto, the digital property arm of enterprise capital agency Andreessen Horowitz.

Behnum's resignation comes as various different authorities officers are stepping down forward of President Trump's reelection to the White Home. Yesterday, it was reported that Michael Barr, vice chairman of the US Federal Reserve, will resign on February twenty eighth.

SEC Chairman Gary Gensler is making ready to retire on January twentieth. Commissioner Jaime Lizarraga can be scheduled to resign later this month.