In approximately two weeks, the head of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam, plans to step down. Before leaving office, he wants to convey a crucial message to regulatory bodies and lawmakers regarding their approach towards digital assets.
During a discussion at The Brookings Institution on January 8th, Behnam cautioned that if the cryptocurrency sector continues to integrate with traditional finance without proper regulatory oversight, it may pose difficulties for future leaders at the Commodity Futures Trading Commission (CFTC).
After leaving the commission in February, Behnam indicated his intention to speak up in support of the Commodity Futures Trading Commission (CFTC), aiming to tackle this regulatory void.
As an analyst, I’d rephrase it as: “During the crypto era, it has become evident that our ruleset needs to adapt to the evolving trajectory of the derivatives industry. With more entities venturing away from traditional models, which have been refined over decades and proved resilient through various challenges, towards innovative structures involving a blend of unique activities surrounding groundbreaking products, novel questions are emerging.
Beginning in 2022, Behnam has held the position of CFTC chair. On January 7th, he declared his intention to resign as head of the agency on January 20th, which also marks President-elect Donald Trump’s inauguration day. He plans to depart from the commission entirely by February 7th. As of now, it remains undisclosed who Trump intends to nominate as Behnam’s replacement.
Another financial regulator is moving out as Trump comes in
In one of his final interviews before stepping down as Chair of the US Securities and Exchange Commission (SEC), Gary Gensler, highlighted his views on cryptocurrency. He described the sector as having a significant presence of unscrupulous actors, emphasizing that regulatory oversight is still required in this area.
Gensler stated, ‘I’ve never encountered a situation where emotions are so deeply involved, and the focus is less on the basics.’
“It’s a field that built up around noncompliance, and I’m proud of what we’ve done […] I think there’s still work to be done.”
As a researcher, I’m sharing that Trump has expressed his intention to appoint former SEC Commissioner Paul Atkins to succeed Gensler in his role. During his presidential campaign, one of the promises he made to the cryptocurrency sector was to remove Gensler from office on his first day in office.
The Securities and Exchange Commission (SEC) currently has multiple ongoing legal actions against cryptocurrency companies, one of which is Coinbase. On January 7th, it was decided by a judge that Coinbase had the authority to challenge a ruling concerning whether certain digital assets were considered investment contracts under the SEC’s jurisdiction.
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2025-01-08 23:00