Just-In: US CFTC Chair Rostin Behnam To Depart On January 20

Rostin Behnam, the Chair of the US CFTC, has announced to step down from his post effective January 20, 2025. Interestingly, that is when Donald Trump is scheduled to take over the US Presidential office once his inauguration concludes. While Rostin has not mentioned any specific reason behind stepping down from the post, speculations soar over a change in the horizon. 

US CFTC Chair Rostin Behnam To Step Down On January 20

The US CFTC Chair Rostin Behnam is reportedly stepping down from his position on January 20. According to a Reuters report, Behnam is scheduled to exit on the same date as Trump’s inauguration. Interestingly, the US SEC Chair Gary Gensler has also announced his departure on the same date.

Rostin Behnam Identifies the Gap

Even though he is soon scheduled to leave the post, there are a few gaps within the crypto segment that Behnam has highlighted while interacting with the media. A major focus is on the section that is still unregulated and must be brought under the regulatory umbrella at the earliest given the pace at which the space is growing.

Rostin has identified that the adoption is driven by some traditional financial institutions as the demand is led by both, retail and institutional investors. Calling his agency a natural fit, Rostin is confident that the CFTC is better positioned to regulate digital tokens that qualify as commodities.

Notably, the agency has largely focused on futures, options, and other commodity derivatives. The addition of digital tokens, as and when it happens, will be a new addition and possibly a major shift to note for crypto enthusiasts.

Behnam remains credited for tightening scrutiny over crypto and contracts that include betting on elections.

What’s Next For Rostin Behnam and The Crypto Space?

The next position of Rostin Behnam has not been determined yet, and neither has the candidate who will take over his position. Donald Trump might soon announce his successor who is a pro-crypto candidate while crypto enthusiasts see Rostin as someone who is against having a supportive framework for digital tokens.

Anyone appointed by Trump is assumed to have a better perspective and understanding of the space. Hence, contributes to the rising optimism among the crypto community members as is evident from the soaring prices in the last 24 hours.

Pro-Crypto Anticipation Soaring

The reported departure of Rostin Behnam has triggered a series of pro-crypto anticipation wherein the community is expecting a more supportive candidate to take over the position. With Trump leading the administration starting January 20, 2025, it is only right to expect someone with a pro-crypto principle to take charge of the US CFTC.

Soaring pro-crypto anticipation is reflected in the price rise of tokens like BTC and XRP, both being up by 1.68% and 0.75% in the last 24 hours, respectively.

It is still early to determine who take charge after Rostin Behnam but it is safe to assume that his successor will have a pro-crypto stand that will facilitate the mainstream adoption of digital tokens.

Meanwhile, Michael Barr exits from the key role in the Anti-Crypto Federal Reserve Board to become another notable figure to depart from the top position.