REGULATION

Rostin Behnam, who once praised cryptocurrencies for their potential, becomes the new chairman of the Commodity Futures Trading Commission, serving until 2026.

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Rostin Behnam, who once praised cryptocurrencies for their potential, becomes the new chairman of the Commodity Futures Trading Commission, serving until 2026.

The U.S. Senate voted on 12/15 to confirm Rostin Behnam as the chairman of the U.S. Commodity Futures Trading Commission (CFTC). Behnam, nominated by the Biden administration, has been serving as acting chairman since former chairman Heath Tarbert resigned in January.

New Chairman Rostin Behnam

During a voice vote on the evening of December 15th, Rostin Behnam, who has served as a CFTC commissioner since 2017, was confirmed as the Chairman of the CFTC, with a term lasting until June 19, 2026.

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Under the leadership of former Chairman Christopher Giancarlo, Rostin Behnam has repeatedly praised digital currencies and their revolutionary potential. At a regulatory summit in 2018, Behnam believed that cryptocurrencies would become a part of any country or region's economy. However, he also pointed out:

Assuming digital currencies continue to grow, the influence of regulatory agencies will also be limited, as these assets do not belong to traditional currency intermediaries, such as governments, banks, investors, or international organizations.

Furthermore, similar to the recent stance of SEC Chairman Gary Gensler, Behnam has continuously called for expanding the CFTC's authority to regulate the digital asset market in public settings.

He mentioned that the CFTC continues to actively regulate cases in the crypto space, including the $100 million lawsuit against derivatives exchange BitMEX and the $42.5 million fine against Bitfinex. Behnam also referred to the CFTC as the "24-hour beat cop":

These are just the tip of the iceberg, as the digital asset market has reached $2.7 trillion, with 60% falling under the category of commodities. Given the potential financial stability risks in the future, I believe having a dedicated police force for this is crucial.

As of now, the SEC and CFTC are the main regulatory bodies in the United States handling digital assets. Due to jurisdictional and domain differences, the two agencies regulate the crypto industry in a highly coordinated manner. With Behnam's term confirmed until 2026, his influence on the future development of the crypto market could be significant.