Behnum’s last day on the committee will be February 7th. The CFTC secured a $12.7 billion judgment against the now-defunct FTX exchange and Alameda Research in 2024.
Rostin Behnum, chairman of the U.S. Commodity Futures Trading Commission (CFTC), will resign on January 20th as President-elect Donald Trump enters the White House.
In a statement released by the agency, Behnum added that his last day on the committee will be February 7. Behnum, who has served as the CFTC’s Democratic commissioner since 2017 and chaired it since 2021, said:
“Over the past few years, a number of domestic and international events have tested the resilience of all financial markets. We worked to address regulatory gaps and uncertainties. We also responsibly hired new entrants to support innovation. ”
Unlike the tougher stance taken by the US Securities and Exchange Commission (SEC) towards the crypto market, the CFTC has taken a more moderate approach. This is despite securing a $12.7 billion judgment last year against the now-defunct FTX exchange and Alameda Research.
Behnam, who has been advocating for the regulation of cryptocurrencies, said that there is a lack of regulation in the crypto market, and given the increasing adoption by traditional financial institutions, individual investors, and institutional investors, “we need to close this gap. ” appealed for the necessity.
A successor has not yet been decided
President Trump has not yet named Behnum’s successor. However, a December report from Bloomberg revealed that former CFTC Commissioner Brian Quintenz is running for the top position at the agency.
Quintens currently leads policy at a16z Crypto, the digital assets arm of venture capital firm Andreessen Horowitz.
Behnum’s resignation comes as a number of other government officials are stepping down ahead of President Trump’s reelection to the White House. Yesterday, it was reported that Michael Barr, vice chairman of the US Federal Reserve, will resign on February 28th.
SEC Chairman Gary Gensler is preparing to retire on January 20th. Commissioner Jaime Lizarraga is also scheduled to resign later this month.
