CFTC Chair Behnam To Resign Signaling Pro-Crypto Appointments
CFTC Chairman Rostin Behnam announced that he will resign on Trump’s Inauguration Day. Behnam has made some hostile decisions about Web3 and the crypto industry, but his biggest agenda item supports it.
SEC Chairman Gary Gensler is also resigning on the same day, creating a huge opportunity for pro-crypto leaders in key regulatory positions.
Benin will resign from the U.S. Commodity Futures Trading Commission (CFTC)
Benham announced his intention to resign on the CFTC media releasehe also posted on social media media. Rostin Behnam is one of them largest financial regulator In the United States, his absence could create an opportunity for a push for more pro-cryptocurrency regulation.
After leaving office, he will step down from the committee entirely in early February.
“As Chairman, I lead the agency’s focus on identifying, assessing and addressing risks within regulated markets. Additionally, the actions I take are designed to build consensus and put in place appropriate guardrails to minimize disruption and maintain fairness for all stakeholders competitive environment and achieve our mission and purpose,” Benham claimed.
Although Behnam did not mention the cryptocurrency industry directly, the remarks appeared to be much more toned down than when Gary Gensler announced his resignation.
Gensler serves as SEC Chairman starting in 2021he is about to step down Same day as Benham. With these two numbers gone, the United States may have a huge opportunity to reshape cryptocurrency policy.
Benham was not necessarily an anti-crypto figure during his tenure at the CFTC. Some of his actions actually had a positive impact on the industry. For example, he request additional powers Fighting Cryptocurrency Fraud by 2023. Then he expressed that he May need to combat fraud The following year.
Furthermore, the defining item in his cryptocurrency agenda is his Hope CFTC takes over SEC’s role as primary industry regulator.
“After years of pleading with Congress to regulate cryptocurrencies and taking on companies like FTX, he is resigning. His agency has spent too many resources pursuing crypto crimes—more than 49% of enforcement actions in 2023 were cryptocurrency-related.” Mario Nawfal release on X (formerly Twitter).
In July 2024, Benham claimed 70-80% of crypto assets are not securities. Therefore, he believes that the CFTC should have jurisdiction over them.
Traditionally, the CFTC is much more lenient than the SEC, so the industry supports this concept. After Trump won the election, he reiterated these commentsexpressing willingness to cooperate on this issue.
However, for unknown reasons, Benham will resign rather than realize this vision. A clue that might be his Battle with Kalshi and other election-related prediction markets, Hard to access in the US.
in a interview Baynum told Bloomberg that it was a losing battle and said he did not want the CFTC to become the “election police.”
By tradition, no more than three of the five CFTC commissioners may be from the same political party. Benham is one of three Democrats, so Trump can choose any qualified candidate from both parties to replace him.
Whoever he chooses, it seems safe to assume he’ll be an industry ally.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
