CFTC Chairman Rostin Behnam To Step Down In February

Rostin Behnam, Chairman of the U.S. Commodity Futures Trading Commission, on Tuesday announced his resignation from his position, effective Feb. 7.

Behnam’s departure marks the end of a seven-year tenure at the agency, beginning in 2017 as a commissioner and later as Chairman.

He will officially step down on Jan. 20, but continue working until next month.

In the press release, Behnam stated it was "an honor and a privilege to serve the American public and the CFTC."

He highlighted the agency’s role in overseeing critical financial markets that impact the U.S. economy and his focus on "identifying, assessing, and addressing risks within our regulated markets."

Throughout his tenure, Behnam emphasized the CFTC’s commitment to "address regulatory gaps and uncertainty" while supporting responsible innovation within the derivatives markets.

He further notes the agency's actions "anchored in building consensus," and maintaining a level playing field for stakeholders.

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He expressed pride in leaving the CFTC “stronger than ever” and recognized the agency's drive in modernizing and building capabilities.

Behnam’s departure comes amidst broader shifts in U.S. financial regulatory leadership, notably following the resignation of Gary Gensler as Chairman of the Securities and Exchange Commission (SEC) in November last year.

The CFTC has recently taken several significant enforcement actions against cryptocurrency companies, indicating a heightened focus on the sector.

For example, in March 2023, the CFTC filed a lawsuit against crypto exchange Binance, alleging that it operated an illegal derivatives exchange and violated multiple CFTC rules.

Additionally, the CFTC has brought charges against KuCoin, another major exchange, for similar violations, including failing to register as a futures commission merchant and operating an unregistered swap facility. 

Gemini Trust on Jan. 6 said will pay $5 million to settle CFTC allegations of providing false information during the evaluation of a proposed Bitcoin futures contract, specifically regarding its susceptibility to market manipulation.

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