Biden’s New CFTC Choice, And What It Could Mean For Cryptocurrencies

Rostin Behnam is a controversial figure….

According to new reports, Joe Biden is considering making him the permanent head of The Commodity Futures Trading Commission.

Behnam who is already the acting head may take a more permanent role as soon as the end of this month according to some sources.

He has reportedly made some positive comments about crypto in the past, but it remains to be seen what his actual stance will be.

We have to keep in mind that he is a Democrat, and appointed by quite possibly the worst President in U.S. history…….

Not everyone was so convinced that he would be an appropriate head for The CFTC given a history of allegations against him:

given @CFTCbehnam’s track record, is it possible you could actually make the case that suggesting him as the permanent head of the CFTC should be an impeachable offense for @POTUS?https://t.co/VSMOsQKYq3 via @YouTube

— Chris Marcus (@ArcadiaEconomic) August 24, 2021

Report Rostin Behnam to the CFTC’s Oversight Committee for his role in s… https://t.co/hD3xsvSfWI via @YouTube

— Chris Marcus (@ArcadiaEconomic) August 21, 2021

Bloomberg reports:

The White House recently selected Behnam, who’s been leading the agency on an interim basis since January, according to the people who weren’t authorized to speak publicly. The timing of an announcement is still weeks away, the people said.

Behnam’s nomination means that the CFTC will likely spend more time on issues like climate change.

Behnam’s profile rose last year after he sponsored a report by an industry group that called on the U.S. government to require businesses to pay for their greenhouse gas emissions. In March, Behnam announced the CFTC plans to set up a climate-change unit that would assess derivatives’ role in reducing carbon emissions. The group has not yet released any findings. 

https://twitter.com/Tyrone15232018/status/1430144335564230684

hey Mr. Transparency @CFTCbehnam

Not much to say lately?

Or is it that you finally just realized that you sound like a complete dirtbag when you say those things publicly, and then your actions betray every word that comes out of your filthy mouth?😉https://t.co/nHl7DE8jIT

— Chris Marcus (@ArcadiaEconomic) August 24, 2021

The Block reports that Behnam has shown positive sentiment towards crypto in the past:

President Trump elected Behnam as a commissioner of the CFTC in July of 2017. CFTC members then promoted Behnam to acting CFTC chairman in January.

Behnam, with a background in agricultural systems, advocated for increased sustainability in the U.S. financial system. He has also shown openness toward cryptocurrency, stating in 2018 that “Blockchain technology and other aspects of a new virtual world are remaking our economic, social, and political relations. The new virtual world offers tantalizing new possibilities and potentially powerful dangers.”

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