Commodities Futures Buying and selling Fee (CFTC) Chairman Rostin Behnam will step down on January 20, 2025, amid an unresolved lawsuit in opposition to retail betting market Kalshi, the company introduced as we speak.
Behnam’s departure comes because the fee battles Kalshi over the regulator’s ban on political betting contracts, highlighting regulatory challenges in rising monetary markets.
Throughout his tenure, Behnam established himself as a staunch advocate for cryptocurrency oversight. His most notable achievement was securing a $4.3 billion settlement with crypto trade Binance over regulatory violations.
Behnam pushed for expanded CFTC authority over digital property, arguing for clearer regulatory frameworks in congressional testimonies. Below his management, the company intensified enforcement actions in opposition to crypto companies working outdoors regulatory boundaries.
The White Home has not but nominated a successor. Behnam’s exit raises questions in regards to the future path of digital asset regulation and the fee’s stance on novel monetary merchandise.
Final January, Behnam said he was frightened the then-recent approval of spot market Bitcoin (BTC) exchange-traded funds (ETFs) would “amplify” the problems surrounding digital asset markets.
In line with Behnam, the objective of his enforcement actions was at all times to guard buyers.
“With out a regulatory framework, with out that transparency, with out these instruments that we sometimes use as regulators, you will proceed to see this fraud and manipulation.
And placing apart the legitimacy and the place this expertise might go and what position it would play in our economic system and commerce, the web, digital property typically… we simply have to consider issues from a regulatory and shopper safety standpoint. And I feel that must be our guiding mild by way of driving this dialog, filling these regulatory gaps and creating this framework that’s in the end going to guard American buyers.”
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