In Brief:
- Rostin Behman has served as acting chairman of the regulator agency since January.
U.S. President Joe Biden plans to name Rostin Behman, Acting Chairman of Commodity Futures Trading Commission (CFTC), to lead the regulator.
The timing of an announcement is still weeks away, according to Bloomberg News. Benham has served as acting chairman of the regulatory agency since January and continues to the role permanently.
The CFTC oversees the $582 trillion global derivatives market activity, which includes cryptocurrency derivatives. In March 2021, Benham, in his role as acting chairman, announced a CFTC plan to establish a climate change unit. This unit would reassess the role of derivatives in reducing carbon emissions and is yet to release any findings.
Behman, a former aide to Senate Agriculture Committee Chair Debbie Stabenow, can win congressional backing. In July 2017, former U.S President Donald Trump nominated Behman as commissioner of the CFTC.
Also Read: CFTC Commissioner: SEC Has no Authority Over The Crypto
Around much of Benham’s time as acting chair, the CFTC has been even with two Republicans and two Democratic Commissioners. The White House can break that standstill by appointing another commissioner at a regulatory agency. Benham receives the confirmation two months later.
The CFTC has jurisdiction over parts of the cryptocurrency sector and classifies Bitcoin as a commodity. The CME Group Inc., which the Commission regulates and also has future contracts tied to the token in its listings.
