CFTC Chairman Steps Down, Warns of Crypto Regulation Gaps
Date: 2025-01-08 Author: Henry Casey Categories: IN WORLD
Rostin Benham, the chairman of the US Commodity Futures Trading Commission (CFTC), announced that he will step down on January 20. In an interview with the Financial Times, he emphasized that a significant portion of the cryptocurrency market in the US remains unregulated. This raises serious concerns amid growing interest in digital assets from both traditional financial institutions and retail and institutional investors.
In his four years as CFTC chairman, Benham has focused on increasing oversight of cryptocurrencies and political betting markets, as well as addressing shortcomings in the regulatory framework for digital assets.
One of the highlights of his term was the $4.3 billion settlement against Binance, which highlighted the importance of the regulator’s role in overseeing digital assets.
Benham has repeatedly emphasized that the CFTC is ready to take on the responsibility of regulating digital commodities like Bitcoin. While the agency initially focused only on derivatives markets, including futures and options, it is seeking to expand its authority to include spot markets for digital commodities.
“There’s still a large portion of the digital market in the U.S. that is unregulated,” Benham said in an interview. These gaps, he said, create risks for market participants and open the door to abuse.
President-elect Donald Trump has not yet announced who will succeed Benham. However, his choice to head the Securities and Exchange Commission (SEC) has fallen to Paul Atkins, a well-known cryptocurrency advocate. The move could signal a more favorable stance toward the crypto industry from the new administration.
