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It changes EVERYTHING in the U.S.: Rostin Behnam leaves CFTC
By Davide Grammatica
After Gary Gensler at the SEC, Rostin Behnam is also leaving the CFTC, in a total change at the top of regulatory agencies in the U.S
US in crypto sauce
Donald Trump ‘s entry into the White House is getting closer, but major changes at the administrative level are already being felt. After the exit of Gary Gensler from the offices of the SEC, Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission, in fact, also announced his resignation.
As of Feb. 7, the CFTC will thus also have a change at the top, for a pro-crypto structural change in the new executive.
In recent years, Behnam had repeatedly urged Congress to remedy the lack of crypto regulation at the federal level, and in several instances had intervened in critically important matters, for example by initiating enforcement actions against FTX, Binance and Celsius.
Or again, it has clashed with “betting” and “polling” platforms such as Kalshi (similar to Polymarket), claiming incompatibility between the service offered “the public interest.” Last year, however, a court ruled how the agency had exceeded its authority.
Trump changes everyone and everything
“In recent years, a multitude of events have tested the resilience of all financial markets,” said Behnam, in an official statement. “I am proud that the CFTC has consistently made deliberate and intentional decisions to address regulatory gaps and uncertainties while supporting innovation.”
It is not yet known at this time who Behnam’s replacement will be, but for several analysts all indications are that Brian Quintenz (former CFTC commissioner) may return to the agency’s chairmanship.
Attached to the resignation, Behnam took pains to share some concerns about the crypto sector. More than 49 percent of the CFTC’s enforcement actions in 2023, in fact, would be related to the cryptocurrency industry: “A staggering statistic.”
This is also why Behnam would support the “Digital Commodities Consumer Protection Act,” or a 2022 bill that would establish a legal definition of cryptocurrencies as “commodities.”
