Biden Administration to Pick Acting Chairman Rostin Behnam to Head CFTC: Report
Right now•1 min read•Regulation
U.S. President Joe Biden’s administration reportedly plans to nominate Rostin Behnam, acting chairman of the Commodity and Futures Trading Commission (CFTC), to lead the regulator.
Bloomberg reported Friday Behnam has been selected to lead as the regulator's chairman, according to unnamed sources close to the matter. While an announcement might be weeks away, the White House's selection is a continuation of Behnam's role as acting chairman, which began in January. The regulator is charged with overseeing derivatives market activity including cryptocurrency derivatives. In July 2017, former U.S. President Donald Trump nominated Behnam as a commissioner of the CFTC. He was confirmed two months later. Behnam has spoken favorably on the use of blockchain technology in financial markets and previously called for an "open mind" on regulation in the fintech space.