- Behnam’s last day at the Commission will be February 7
- The CFTC obtained a $12.7 billion judgment against the now-defunct FTX exchange and Alameda Research in 2024
Rostin Behnam, the US Commodity Futures Trading Commission (CFTC) Chair, will step down on January 20 as President-elect Donald Trump enters the White House.
In a statement released by the agency, Behnam added that his last day at the Commission will be February 7. Behnam, who has been a Democratic commissioner at the CFTC since 2017 and as Chair since 2021, said:
“Over the past several years, a multitude of domestic and global events tested the resilience of all financial markets. I am proud that the Commission consistently made deliberate and intentional decisions to ensure continued strength. We worked to address regulatory gaps and uncertainty. We also responsibly engaged new entrants to support innovation.”
Unlike the US Securities and Exchange Commission (SEC), which took a tougher stance against the crypto market, the CFTC has taken a lighter approach. This is despite obtaining a $12.7 billion judgment against the now-defunct FTX exchange and Alameda Research last year.
Behnam, who has advocated for crypto regulation, said that regulation in the crypto market is lacking, calling for a need to “fill this gap,” given the increasing adoption seen by traditional financial institutions and retail and institutional investors.
No successor named yet
Trump has yet to name Behnam’s successor; however, a December report from Bloomberg indicated that Brian Quintenz, a former CFTC Commissioner, is in the running to lead the agency.
Quintenz currently leads policy at a16z Crypto, the digital asset arm of venture capital Andreessen Horowitz.
Behnam’s resignation comes amid a number of other agency officials resigning ahead of Trump’s reappointment to the White House. Yesterday, it was reported that the US Federal Reserve’s vice chair for supervision Michael Barr is stepping down on February 28.
Gary Gensler, Chair of the SEC, is preparing to leave the agency on January 20. Commissioner Jaime Lizárraga will also be stepping down later this month.