U.S. CFTC Chairman warns of “void” in cryptocurrency regulation and announces he will step down

PANews January 7 news, according to the Financial Times, Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said that regulation of digital assets, including Bitcoin and other cryptocurrencies, is still insufficient. Fully worrying. He warned of regulatory “gaps” in the U.S. cryptocurrency market and called for greater regulation of digital assets. He will leave office on January 20, the day President-elect Donald Trump is inaugurated.

During his tenure as CFTC chairman, Behnam pushed for the first federal carbon offset guidelines and increased scrutiny of cryptocurrencies and event contracts, such as election betting. He also led the CFTC’s lawsuit against Binance, which resulted in a $4.3 billion settlement. Behnam said that the CFTC has the ability to become a regulator of digital commodity assets, but currently most areas of U.S. crypto assets remain unregulated. He stressed the need for comprehensive, strict regulations rather than quick fixes.

Trump has yet to name his successor but has chosen crypto advocate Paul Atkins to lead the U.S. Securities and Exchange Commission (SEC).