Rostin Behnam Named Chair of the CFTC

The U.S. Senate утвердил the nomination put forward by President Joe Biden for Rostin Behnam to head the Commodity Futures Trading Commission (CFTC).

The official acting as chairman of the regulator since January after the White House changed hands and Heath Tarbert left the post. Prior to this Behnam had served as a CFTC commissioner.

Under the leadership of the previous head, the agency approved a definition of delivering cryptocurrency to customers, announced a contest to create tools to track unregistered derivative offerings, and unveiled plans for a comprehensive regulation of digital assets.

In 2019 Tarbert said that digital assets do not threaten the financial system, unlike a global stablecoin. He later urged accelerating the legalization of cryptocurrencies, and said regulatory approaches should be guided by broader principles.

Earlier, during October hearings, the then-candidate for the CFTC chair Rostin Behnam proposed to grant the agency the status of the main federal regulator in the cryptocurrency market.

Earlier he said that cryptocurrencies ‘will become part of the economic practice of any country,’ and will also help reduce poverty and corruption.

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