Rostin Behnam Named Acting Chair of U.S. Derivatives Regulator
Jan 22 2021, 7:36 AM
January 22 2021, 3:49 AM
January 22 2021, 7:36 AM
(Bloomberg) Rostin Behnam, a Democratic member of the U.S. Commodity Futures Trading Commission, will serve as acting chair of the derivatives regulator until the Senate confirms President Joe Bidenâs permanent nominee.
(Bloomberg) Rostin Behnam, a Democratic member of the U.S. Commodity Futures Trading Commission, will serve as acting chair of the derivatives regulator until the Senate confirms President Joe Bidenâs permanent nominee.
Behnam, whoâs appointment was announced in a Thursday CFTC statement, will be hamstrung from making any major policy changes as Republicans outnumber Democrats at the agency 3-to-2. Heath Tarbert, who was President Donald Trumpâs second CFTC chairman, announced earlier in the day that he would step down from leading the agency but would stay on as a commissioner. Heâs previously said th
Money Reimagined: Letter to President Biden
President Biden needs to reform the global financial system and avoid a 1930s-style depression. Digital currencies can help.
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Updated Jan 22, 2021 at 9:46 p.m. UTC
Money Reimagined: Letter to President Biden
Welcome to this week’s Money Reimagined, coming to you two days into a new U.S. presidency.
Already, with various executive orders and a host of cabinet and agency nominee names emerging, President Joe Biden has fostered the palpable sense of a slate being cleaned.
As for what it means for crypto, the turnover in the White House gave Sheila Warren and me reason to invite Kristin Smith of the Blockchain Association and Amy Kim of the Digital Chamber of Commerce onto our weekly podcast. We discussed the outlook for regulation under the Biden administration. Check out the episode. But first, read the newsletter, which starts with an open letter to the new U.S. president.
Bitcoin News Roundup for Jan. 22, 2021
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Bitcoin worries ‘fading’ as crypto goes mainstream, S&P says (CoinDesk)
Guggenheim Chief Investment Officer Scott Minerd, who predicted bitcoin prices would eventually go to $400K, told CNBC Tuesday that he sees a possible retracement to $20K in the near term (CoinDesk)
Treasury Secretary nominee Janet Yellen offers U.S. Senate a more nuanced take (in writing) on cryptocurrencies (CoinDesk)
Rostin Behnam
“I want to express gratitude to President Biden for the opportunity to serve in this capacity,” Behnam said in a press release.
The move comes amid a wave of acting appointments at U.S. regulators while Biden’s picks to lead each agency await Senate confirmation. The newly inaugurated president has yet to announce a nomination to head the CFTC; Reuters reported Thursday that Georgetown University academic Chris Brummer is a leading candidate.
During his commissioner tenure, Behnam has been outspoken on placing more controls on automated trading in the commodities market, particularly in light of the fact crude oil prices dropped into the negative in April 2020 due to pandemic-related disruptions and the so-called “Flash Crash” of 2010.
Exclusive: Georgetown University academic Chris Brummer in lead for CFTC chair - sources
By Jarrett Renshaw, Karen Brettell and Michelle Price
Reuters
WASHINGTON (Reuters) - Georgetown University academic Chris Brummer has emerged as the leading candidate to chair the Commodity Futures Trading Commission (CFTC), according to three people with knowledge of the matter.
The White House is expected to make an announcement on that and other financial regulator roles soon, one of the people said. A White House spokesman and Brummer did not immediately respond to requests for comment.
Brummer is currently a Professor and Faculty Director of Georgetown University s Institute of International Economic Law, where he has researched digital technology, including cryptocurrencies, international finance and, more recently, the scarcity of Black financial regulators.