After Gary Gensler, Rostin Behnam to Step Down as CFTC Chairman on Trump's Inauguration Day

According to the latest announcement from the U.S. Commodity Futures Trading Commission (CFTC), Chairman Rostin Behnam will step down from his position on January 20, 2025, with his last working day set for February 7, 2025. Notably, this decision coincides with the announcement by Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), to end his term early—the same day Donald Trump is inaugurated as the 47th President of the United States.

In his farewell message, Behnam expressed pride in his efforts to guide the CFTC through global financial market challenges while fostering the responsible growth of the cryptocurrency industry. Although stepping down, he remains optimistic about the future of the crypto market, emphasizing the importance of oversight to protect investors and ensure transparency.

Before serving as Chairman, Behnam held roles as Acting Chairman and Commissioner from 2017 to 2021. He also served as a senior counsel to Senator Debbie Stabenow, Chair of the Senate Agriculture Committee.

Throughout his tenure, Behnam consistently advocated for Congress to establish a clear regulatory framework for the cryptocurrency market. According to his disclosures, nearly half of the cases the CFTC handled during the 2023–2024 fiscal year involved crypto-related issues, including major cases against FTX, Binance, and Celsius. This highlights the urgent need for robust legal frameworks to manage risks and enhance transparency.

Behnam was also a strong supporter of the Digital Commodities Consumer Protection Act (DCCPA), introduced by Senators Debbie Stabenow and John Boozman in 2022. The bill aimed to define digital assets and grant oversight authority to the CFTC. However, its association with Sam Bankman-Fried, the former FTX CEO later accused of fraud, sparked significant controversy.

During his leadership, the CFTC also faced challenges such as the lawsuit with Kalshi, a prediction market platform, over its offering of election contracts. Although the CFTC initially lost the case, a federal appeals court in October 2024 dismissed the agency’s efforts to block Kalshi, underscoring the complexities of regulating emerging markets.

The simultaneous resignations of both the CFTC and SEC chairmen on the day of Donald Trump’s inauguration are seen as a strategic move to avoid dismissal and allow the incoming administration to appoint officials aligned with the new President’s crypto-friendly policies.

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