Biden Administration to nominate Rostin Behnam as CFTC head
The White House will pick Rostin Behnam to chair the US Commodity Futures Trading Commission (CFTC), which oversees the swaps and futures markets.
New CFTC leader
Although the official nomination is still weeks away, the decision wasn’t surprising since Behnam was appointed as the CFTC’s acting chairman in January. The agency controls derivatives market activity including cryptocurrency derivatives.
Former US President Donald Trump nominated Behnam as a commissioner of the CFTC in July 2017. He was confirmed in September of the same year.
Behnam’s position on crypto
The new chairman favours blockchain technologies and decentralised finance (DeFI).
In his statement regarding the recent BitMEX vs. CFTC trial, Behnam stressed the importance of adhering to “a culture compliance”:
“This case reinforces the expectation that the digital assets industry, as it continues to touch a broader pool of market participants, takes seriously its responsibilities in the regulated financial industry and its duties to develop and adhere to a culture of compliance,” he said.
In March, Behnam also voiced an opinion that the federal government should have a role in regulating the cryptocurrency market as it continues to see strong retail investor interest.
The Commodity Futures Trading Commission, or CFTC, has broad regulatory powers to monitor the US derivatives markets, which include futures, swaps, and options. Rostin Behnam, the acting chairman of the CFTC, has been chosen to lead the agency.
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