Rostin Behnam, the chair of the U.S. Commodity Futures Trading Commission (CFTC), has revealed that he will step down on January 20, referencing incomplete regulatory frameworks for cryptocurrencies in the United States and warning that large segments of the market remained unregulated, according to a Tuesday Financial Times report.
US regulator warns of oversight ‘gap’ on cryptocurrencies https://t.co/01voxzFaed
— FT Markets (@FTMarkets) January 7, 2025
In an interview with the publication, Behnam emphasized the urgency of addressing these gaps, particularly as digital assets see increasing adoption by traditional financial institutions and heightened demand from both retail and institutional investors.
Behnam’s four-year tenure at the CFTC has been marked by heightened scrutiny of cryptocurrencies, political betting markets, and efforts to address regulatory shortfalls in the digital asset industry.
During his leadership, Behnam spearheaded several decisive actions, including a high-profile lawsuit against Binance that culminated in a $4.3 billion settlement.
This case underscored the regulator’s growing influence in overseeing digital assets.
Behnam has consistently argued that the CFTC is well-positioned to regulate digital commodities like Bitcoin.
Traditionally focused on derivatives markets such as futures and options, the agency has sought to expand its jurisdiction to include spot markets for digital commodities.
“You still have a large swath of the digital asset space unregulated in the U.S. regulatory system,” Behnam told the Financial Times.
His comments reflect ongoing concerns that gaps in the current framework leave portions of the cryptocurrency market vulnerable to risks and exploitation.
🇺🇲 Paul Atkins has his work cut out, as he steps into the shoes of a man who has become one of the crypto industry’s biggest nemesis.#SEC #Regulation #BTChttps://t.co/9DJn2yOkQW
— Cryptonews.com (@cryptonews) December 14, 2024
President-elect Donald Trump has not yet named Behnam’s replacement.
However, he signaled a potentially pro-crypto stance by nominating Paul Atkins, a known crypto advocate, to lead the U.S. Securities and Exchange Commission.
Source: cryptonews.com
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