While US President-elect Donald Trump is expected to take office on January 20, the second major resignation has come after SEC Chairman Gary Gensler. Speaking to the Financial Times, US Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said he will resign on January 20, the day Donald Trump is sworn in as president. Although Behnam did not provide a specific reason for his resignation, his resignation statement increased speculation about a possible change under the Trump administration. Trump is expected to appoint Republican CFTC commissioners Summer Mersinger or Caroline Pham as interim chair to replace Behnam.
He Talked About Bitcoin and Cryptocurrencies! CFTC Chairman Behnam made important statements regarding Bitcoin (BTC) and cryptocurrencies while announcing his resignation to the FT. Behnam expressed concern about regulatory gaps in the U.S. crypto market, saying cryptocurrencies need to be more tightly regulated. Behnam, who expressed concern about the inadequacy of regulation of digital assets, including Bitcoin and other cryptocurrencies, said, “There is still a large part of the cryptocurrency space that is unregulated in the U.S. regulatory system, and given the huge demand for these products by both retail and institutional investors, the adoption of some traditional financial institutions poses a great risk and urgently needs to be filled.”
During his tenure, Behnam made several critical moves, most notably spearheading a $4.3 billion settlement against Binance, the world’s largest cryptocurrency exchange, and emphasizing the CFTC’s role in regulating digital commodities. While the replacement for CFTC Chairman Rostin Behnam has not yet been announced, Trump has appointed crypto advocate Paul Atkins as the new SEC chairman, replacing SEC Chairman Gary Gensler.
*This is not investment advice.