Zeng praised that the encryption industry has potential! Rostin Behnam becomes the new chairman of the Fair

Time:2021-12-24 Source: 1079 views Trending Copy share

The U.S. Senate voted on 12/15 to confirm Rostin Behnam, a member of the US Commodity Futures Trading Commission (CFTC), as chairman. Behnam was nominated by the Biden administration and has served as acting chairman since the resignation of former chairman Heath Tarbert since January this year.

New Chairman Rostin Behnam

In the voice vote on the evening of 12/15, Rostin Behnam, who has served as the CFTC commissioner since 2017, confirmed to be the chairman of the CFTC, with a term of office until June 19, 2026.

Views on crypto assets

Previously under the leadership of the previous chairman Christopher Giancarlo, Rostin Behnam has repeatedly praised digital currency and its revolutionary potential. At the 2018 Regulatory Summit, Behnam believed that cryptocurrency will become a part of the economy of any country or region. But he also pointed out: Assuming that digital currencies continue to grow, the influence of regulatory agencies will also be limited. These assets do not belong to traditional currency intermediaries, such as governments, banks, investors, or international organizations.

In addition, similar to the recent attitude of Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), Behnam has also continuously requested in public to expand the CFTC's authority to regulate the digital asset market.

He mentioned that the CFTC continues to actively supervise similar cases in the crypto field, including a $100 million lawsuit against the derivatives exchange BitMEX and a $42.5 million fine from Bitfinex, and the CFTC bills itself as a 24-hour inspection patrol:

These are just the tip of the iceberg. The scale of the digital asset market has reached US$2.7 trillion, of which 60% are in the category of commodities. In view of the potential financial stability risks in the future, I think it is very important to have a police officer specializing in this case.

Up to now, the U.S. Securities and Exchange Commission (SEC) and the Futures Exchange (CFTC) are the major regulatory agencies dealing with digital assets in the United States. However, due to different jurisdictions and areas, the two supervise the encryption industry in a large number of coordinated ways. Now Behnam has determined that the term will expire. In 2026, it may have a great impact on the future development of the crypto market.

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