Biden promotes Behnam for the $582 Trillion derivatives market regulation

Published by
Biden promotes Behnam for the $582 Trillion derivatives market regulation

US President, Joe Biden has reportedly chosen Rostin Behnam as the regulatory chairman of the U.S. Commodity Futures Trading Commission (CFTC), according to Bloomberg. CFTC is the supervisor of the majority of the $582 trillion global derivatives market, including cryptocurrency trading.

Advertisement

Behnam’s eco-conscious approach

White House’s Nomination of Behnam is unsurprising however, the official announcement is still several weeks away. Behnam’s nomination as the lead regulator for the CFTC speculates an eco-conscious shift in the derivatives, as well as crypto markets in the US. Unlike Trump’s business-friendly policies, a democratic approach under Behnam’s administration could mean a crackdown on derivatives and crypto trading that consume unsustainable resources of energy.

Behnam is currently serving as the temporary Acting Chairman of the Wall Street Regulator. He gained media attention last year upon his sponsorship of an industry group report against the US government, demanding institutions to pay their respective greenhouse gas emission. Additionally, this March, Behnam launched CFTC plans to set up a climate-change division that would specifically evaluate the role of derivatives in reducing carbon emissions.

Advertisement

Behnam could crackdown or build up the US crypto market

The CFTC also holds control of certain parts of the cryptocurrency sector. A few years back, the CFTC announced Bitcoin as a commodity under the US Commodity Exchange Act, and CME Group Inc., which it regulates, lists futures contracts tied to the token.

Behnam’s regulatory stances towards sustainable energy consumption could either break down or build up the crypto industry. While Bitcoin Mining Council’s (BMC) July data revealed an approximately 56% hike in sustainable energy consumption by the global Bitcoin mining industry; the controversial crypto clause of the US infrastructure Bill has ignored these discoveries.

The bipartisan $1.2 trillion worth, US infrastructure bill plans to radically increase crypto tax and raise nearly $28 billion from cryptocurrency tax enforcement measures. Additionally, the tax regulations will also allow the U.S. Internal Revenue Service (IRS) to demand all digital asset subsidiaries to report tax liabilities on crypto transactions.

 

Advertisement

Share
Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Matrixport Predicts Market Direction as $6B Bitcoin, Ethereum, XRP Options Expire Today

Traders are bracing for another crypto options expiry and US CPI inflation release today, with…

October 24, 2025
  • News

Why is Crypto Market Up Today (Oct 24)

The crypto market is glowing green as bullish sentiment returns. This comes amid positive developments…

October 24, 2025
  • News

Breaking: 21Shares Amends Sui ETF with Staking, Nasdaq Listing, Other Key Details

21Shares updates its Sui ETF application with the U.S. Securities and Exchange Commission (SEC). The…

October 24, 2025
  • News

Binance’s Changpeng Zhao Takes on Senator Elizabeth Warren On False “Fraud” Allegations

Democrat Elizabeth Warren has made sharp attacks with "fraud" and money laundering allegations, following US…

October 24, 2025
  • News

Trump Tariffs: Crypto Market Volatility Looms As US President Terminates Trade Talks With Canada

The crypto market is bracing for volatility after the U.S. President announced the termination of…

October 24, 2025
  • News

Coinbase CEO Says Market Structure Bill Will Pass by Year-End Despite Government Shutdown

Coinbase CEO Brian Armstrong has said he expects the long-awaited U.S. crypto market structure bill…

October 24, 2025