Nikolas Sargeant
In his final public address as chair of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam emphasized the need for comprehensive cryptocurrency regulation, though he cautioned that it would take time to implement. Speaking at a Brookings Institution event in Washington, D.C., Behnam reiterated his long-standing call for Congress to close the regulatory gap in the crypto space and said he would continue advocating for the CFTC to play a role in regulating digital assets even after stepping down on January 20.
Behnam outlined the timeline for crypto legislation, predicting it would take six to ten months for Congress to pass relevant bills, followed by another year for federal agencies to finalize rulemaking. While no successor has been named, Behnam highlighted that acting CFTC chairs could play a crucial role in shaping future regulatory approaches.
Despite challenges, including changes in presidential administration, Behnam expressed confidence that progress would be made. He acknowledged that while current legislative proposals, such as those led by Rep. Patrick McHenry and Sen. Debbie Stabenow, are not perfect, they are necessary steps to address the lack of federal crypto regulation.
Previous Tussles with Crypto Industry
The CFTC had come to head with some of the major players in the cryptocurrency sector over the past years. Gemini had to pay $5 million to settle CFTC charges this year. The case of Uniswap and the CFTC also resulted in the crypto exchange paying $175,000.
These closing remarks from the CFTC Chair point to a potential new way of handling things at the department and in the United States more broadly.
