The Financial Times reported on January 6 that Rostin Behnum, the chairman of the U.S. Commodity Futures Trading Commission (CFTC), has confirmed that he will resign from the commission on January 20.
The timing coincides with President-elect Donald Trump’s inauguration, allowing the incoming administration to appoint an interim leader before Congress approves a permanent successor.
Mr. Behnum’s accomplishments at the CFTC
During his tenure, Mr. Behnum oversaw significant developments in the regulatory oversight of cryptocurrencies.
Although his approach has been less aggressive than Gary Gensler’s Securities and Exchange Commission (SEC), Behnum has frequently highlighted the lack of comprehensive regulation in digital asset markets.
As such, he has consistently called for cooperative efforts among regulatory agencies to bridge the oversight gap.
Under his leadership, the CFTC spearheaded significant enforcement efforts within the cryptocurrency sector. The regulator played a key role in the record $4.3 billion fine against Binance, the world’s largest cryptocurrency exchange.
In addition, the company recently received a 500 yen from Gemini co-founders Tyler and Cameron Winklevoss for allegedly misleading government agencies during their bid to launch a Bitcoin futures product. Obtained a $1 million settlement.
The CFTC also highlighted Behnum’s commitment to protecting market integrity by taking legal action against several bankrupt crypto companies, including FTX and Celsius Networks.
successor candidate
As Behnum prepares to step down, speculation about his successor has intensified. Market watchers believe President-elect Trump may nominate a pro-crypto nominee given his history of supporting such individuals in regulatory roles.
Meanwhile, there are reports that Republican committee members Summer Marsinger and Caroline Pham may be candidates for acting chair.
Another name is Brian Quintenz, a former CFTC commissioner known for advocating clear rules for emerging technologies.
During his tenure, Quintenz championed innovative approaches such as tokenized products and decentralized finance, making him a strong candidate for the role.
Quintenz is currently the head of policy at Andreessen Horowitz’s crypto division, a16z.
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