CFTC Chair Rostin Behnam announces departure from agency

Rostin Behnam, chair of the Commodity Futures Trading Commission, will resign from his position on Inauguration Day, according to a public statement issued Jan. 7.

“Since 2017, it has been an honor and a privilege to serve the American public and the CFTC, first as a commissioner, then as chairman,” Behnam said in the statement. “This agency presides over financial markets that play a critical role in every facet of the U.S. economy. By supporting economic growth, financial stability, and the predictability of commodity prices, derivatives markets serve a critical public interest.”

After receiving a nomination from President Joe Biden, Behnam officially became chair of the CFTC in January 2022, though he served as acting chair through most of 2021. While Behnam will step down as chair on Jan. 20, his last day at the CFTC will be Feb. 7, according to the statement.

Behnam had repeatedly called on Congress to pass legislation granting the CFTC authority over the digital commodity market. The cryptocurrency bill the House passed in May would have granted that request, giving the CFTC new authority over digital commodities, maintaining the SEC’s authority over digital securities, and requiring the agencies propose joint rulemakings on the issue, among other things. However, that bill never made it to a Senate vote before the end of the year.

At a crypto event in December, several key lawmakers — including Sen. Tim Scott, R-S.C., and Rep. French Hill, R-Ark., who are set to chair the Senate Banking Committee and House Financial Services Committee this Congress, respectively — said they were optimistic that Congress will pass crypto legislation in 2025.

In an October interview with Bloomberg Television, Behnam said the agency has been “stretched thin” in keeping up with new assets, including cryptocurrencies, following a court decision that legalized using derivatives contracts to bet on election outcomes. The agency is complying with that decision even as it appeals the ruling, the chair said.

In his Jan. 7 statement, Behnam said he would “work closely with President Trump’s team to ensure a smooth and orderly transition,” though the president-elect has yet to officially name a successor.