Crypto Policy Shakeup: Rostin Behnam to Step Down from CFTC

Rostin Behnam will step down as chair of the U.S. Commodity Futures Trading Commission when President-elect Donald Trump takes office. This move allows Trump to appoint a new chief and potentially reshape crypto policies. Behnam, criticized for his softer stance on crypto, was appointed by President Joe Biden.

In a significant leadership shift, U.S. Commodity Futures Trading Commission chair Rostin Behnam will step down from his post when President-elect Donald Trump takes office on January 20. This move paves the way for Trump to appoint his own chief, potentially setting the stage for a major crypto policy overhaul.

Historically seen as a junior player in financial policy, the CFTC is expected to assume a more central role under Trump's administration, which advocates for crypto-friendly regulations. Considered replacements include Republican CFTC commissioners Summer Mersinger or Caroline Pham, along with external candidates like former Commissioner Brian Quintenz.

Behnam, who was appointed by President Joe Biden in 2021, has been perceived as lenient towards the crypto industry compared to his SEC counterpart Gary Gensler. Despite this, his tenure included notable legal actions against major crypto companies. The transition could herald a more robust approach to digital asset regulation.

(With inputs from agencies.)