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- The administration of US President Joe Biden is expected to propose Rostin Behnam, the interim head of the Commodity and Futures Trading Commission (CFTC), to lead the agency
- President Biden appointed Rostin Behnam to the position of acting chairman of the Commodity Futures Trading Commission, the latest in a series of interim appointments to lead federal regulatory agencies
- Brummer was earlier nominated by President Barack Obama to serve as a commissioner at the Commodity Futures Trading Commission, which regulates swaps and futures markets, but Trump’s White House withdrew his nomination
The administration of US President Joe Biden is expected to propose Rostin Behnam, the interim head of the Commodity and Futures Trading Commission (CFTC), to lead the agency. According to unidentified individuals close to the situation, Behnam has been chosen to head as the regulator’s chairman, according to Bloomberg. While an announcement may be a few weeks away, Behnam’s appointment by the White House represents a continuation of his job as acting chairman, which he began in January. The commission is responsible for monitoring derivatives market activities, which includes bitcoin derivatives.
President Biden appointed Rostin Behnam to the position of acting chairman of the Commodity Futures Trading Commission, the latest in a series of interim appointments to lead federal regulatory agencies. Mr. Biden has not stated who he intends to appoint as the permanent chairman of the CFTC, which oversees enormous markets for complicated financial products known as derivatives.
According to sources following the presidential transition, Mr. Behnam has served as one of two Democrats on the five-member panel since 2017 and was among the contenders being considered for the nomination in recent weeks. Dan Berkovitz, a fellow Democratic CFTC commissioner, and Chris Brummer, a Georgetown University law professor, were also in the mix.
Former US President Donald Trump nominated Behnam as a CFTC commissioner in July 2017.
Two months later, he was verified. Behnam has previously expressed support for the use of blockchain technology in financial markets and advocated for an open mind when it comes to fintech legislation. Brummer is a Professor and Faculty Director at Georgetown University’s Institute of International Economic Law, where he studies digital technologies, such as cryptocurrency, international banking, and, more recently, the paucity of Black financial regulators.
Only 10 of the 327 financial regulators who have been assigned to positions needing congressional confirmation have been Black, according to the study. It drew a lot of attention and raised Brummer’s reputation in Washington, especially among senators who want to see Biden appoint a diverse group of regulators.
Brummer was earlier nominated by President Barack Obama to serve as a commissioner at the Commodity Futures Trading Commission, which regulates swaps and futures markets, but Trump’s White House withdrew his nomination. According to a fourth source, Brummer has been considered for additional financial jobs in the Biden administration, in addition to the CFTC chair.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
