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CFTC Chairman Rostin Behnam Announces Departure as Trump Era Regulators Prepare to Take Over

Under Behnam, the Commodity Futures Trading Commission did a lot of enforcement but also pushed for crypto regulation, and said many tokens were commodities, not securities
By: Leo Jakobson • January 07, 2025
CFTC Chairman Rostin Behnam Announces Departure as Trump Era Regulators Prepare to Take Over

Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam today announced that he will step down as Chairman of the agency later this month.

Behnam called on Congress to fill what he called the regulatory gaps in the crypto markets. Behnam also said between 70 and 80% of cryptocurrencies are commodities rather than securities. Both endeared him to the industry to some extent.

As chair of the CFTC, Behnam oversaw the $4.3 billion settlement with Binance, and his agency engaged in so many enforcement actions that he complained to Congress that half of his enforcement staff’s time was taken up by crypto.

Still, the blockchain industry generally favored his agency over the Securities and Exchange Commission (SEC), run by Crypto Enemy No. 1 Gary Gensler.

The top choice to replace Behnam is reportedly Brian Quintenz, currently head of policy for top crypto venture capital firm a16z. The SEC is set to be headed by Paul Atkins, a crypto supporter and advisor to Reserve Protocol.

Behnam plans to step down as Chairman on Jan. 20, and leave the commission completely on Feb. 7.


CFTC

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