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In what he said would be his last remarks as CFTC chair, Rostin Behnam said he intended to advocate for the commission to address regulatory challenges over digital assets.
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US Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam is set to step down in less than two weeks, and he still has a message for regulators and lawmakers looking to address concerns about digital assets.
In prepared remarks for a Jan. 8 fireside chat at The Brookings Institution, Behnam said the expansion of the crypto industry into traditional financial institutions “without comprehensive regulatory guardrails” could present challenges for his successors at the CFTC.
Behnam added that he planned to “advocate for the CFTC” to address this regulatory gap after he departs the commission in February.
“[…] the crypto era has highlighted the need for our ruleset to address the derivatives industry’s current course,” said Behnam. “As more entities seek to move away from the traditional and familiar models, which have evolved over decades and withstood countless shocks, towards structures that combine unique activities around increasingly novel products, new questions arise.”
US CFTC chair’s final remarks on Jan. 8. Source: Rostin Behnam
Behnam, who has served as CFTC chair since 2022, announced on Jan. 7 that he planned to step down as head of the agency on Jan. 20 — the same day as President-elect Donald Trump’s inauguration — and leave the commission on Feb. 7. At the time of publication, it was unclear whom Trump intended to nominate to replace Behnam.
Related: a16z’s Brian Quintenz top pick for CFTC chair under Trump: Report
Another financial regulator is moving out as Trump comes in
US Securities and Exchange Commission (SEC) Chair Gary Gensler, who also announced his planned departure on Jan. 20, spoke about his position on crypto to Bloomberg in one of his last interviews before leaving the agency. Gensler said the field was “rife with bad actors,” adding regulators still needed to oversee the industry.
“I’ve never seen a field that’s so much wrapped up in sentiment and not so much about fundamentals,” said Gensler, adding:
“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.”
Trump said he intended to nominate former SEC commissioner Paul Atkins to replace Gensler. Firing the SEC chair “on day one” was one of the Republican candidate’s promises to the crypto industry during his presidential campaign.
The SEC has several ongoing enforcement cases against crypto firms, including Coinbase. On Jan. 7, a judge ruled the crypto exchange had the right to appeal a decision over whether certain crypto assets qualified as investment contracts under the SEC’s purview.
Magazine: How crypto laws are changing across the world in 2025
This article first appeared at Cointelegraph.com News
