CFTC Chair Behnam to Step Down as Trump Takes Office

As President-elect Donald Trump prepares to take office on January 20, 2025, the US financial world will face changes. Rostin Behnam, the current chair of the Commodity Futures Trading Commission—CFTC, announced that he will step down the same day Trump takes office. 

Behnam’s Influence on Crypto Regulation

Behnam's exit marks a shift in Washington’s regulatory approach, especially regarding digital assets. Throughout his time at the CFTC, Behnam took a more balanced approach to cryptocurrency compared to Gary Gensler.

Behnam led high-profile cases, including a major one against Binance for anti-money laundering violations. This resulted in a record fine of $4.2 billion and the resignation of CEO Changpeng Zhao. 

Experts believe that Trump will likely nominate someone aligned with his vision for deregulation. Among potential candidates are Summer Mersinger and Caroline Pham, both CFTC commissioners with ties to Trump’s political circle.

The Future of the CFTC Under Trump

Behnam’s resignation also closes a chapter on his work with political event betting and climate-focused financial markets. As chair, Behnam opposed betting on political outcomes like elections. 

However, a court ruling in favor of Kalshi, a platform for event contracts, allowed political betting to grow. This sparked debates on its legality and broader societal impact.

On climate issues, Behnam helped establish guidelines for trading voluntary carbon credit derivatives. These rules aimed to add transparency to the growing carbon market.