In a potentially major turn for crypto regulation in the US, Rostin Behnam, the Chairman of the US Commodity Futures Trading Commission (CFTC), has revealed his resignation, effective January 20, with his exit from the commission scheduled for February 7.

Behnam Resigns, Leaves Key Regulatory Challenges In Crypto

In a statement released Tuesday morning, Behnam reflected on his tenure at the regulatory agency, stating:

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.

Throughout his time in office, Behnam emerged as a strong advocate for expanding the CFTC’s authority, particularly regarding cryptocurrency regulation. He pushed for legislation that would designate the CFTC as the primary regulator of Bitcoin (BTC) and other digital currencies, aiming to provide oversight of crypto exchanges. 

Despite these efforts, significant legislative changes remained elusive during his tenure. However, with Republicans poised to control both Congress and the White House, there is renewed momentum to expand the CFTC’s jurisdiction over major crypto assets like Bitcoin and Ethereum (ETH).

“Folks recognize the crypto market is here. It’s not going to change or go away,” Behnam stated in an interview with Bloomberg News. “And the CFTC is going to be at the center of that new regulatory regime, whatever comes out.” 

This sentiment underscores the growing acknowledgment of cryptocurrency’s permanence in the financial landscape and the need for a comprehensive regulatory framework.

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Author: Ronaldo Marquez