CFTC Chairman Rostin Behnam Set to Lose Power on January 20

Key Points:

• CFTC Chairman Rostin Behnam will step down on January 20, with his official departure on February 7.
• Behnam pushed for the CFTC to be the primary regulator of Bitcoin and cryptocurrency exchanges while also attempting to block political prediction markets.

According to Bloomberg, U.S. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam is leaving his position effective Jan. 20, the agency said on Tuesday, his formal last day at the commission will be Feb. 7.

Read more: CFTC Chairman Rostin Behnam Resigns, Leaves $17.1B Legacy Behind

CFTC Chairman Rostin Behnam to Resign in January

Behnam, who became acting chairman in 2021 and then was sworn in a year later, said:

“Over the past several years, a multitude of domestic and global events tested the resilience of all financial markets. I am proud that the Commission consistently made deliberate and intentional decisions to ensure continued strength.”

The CFTC chairman was the leading voice behind the regulatory pushes, positioning the agency as the main regulator of Bitcoin and regulating cryptocurrency exchanges. It also went after political prediction markets, trying to shut down those that allowed Americans to bet on the outcomes of U.S. elections.

During Behnam’s tenure, the CFTC also wrestled with new markets and asset classes. He said in an interview with Bloomberg Television in October that the CFTC was “stretched thin” in how it’s handling these emerging areas.

Challenges Ahead for CFTC’s New Leadership

The next CFTC chairman will have a tall order, particularly on regulating digital assets and event contracts, a kind of derivative that lets traders bet on everything from political events to pop culture moments.

Behnam’s attempt at regulating political prediction markets, such as those that allow bets on election outcomes, drew ire, including a court fight with Kalshi, a CFTC-regulated exchange.