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


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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:

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. 

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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