US CFTC Chairman Rostin Behnam announced his resignation on January 20th. Who are the popular candidates to succeed him?

Commodity Futures Trading Commission（CFTC） Chairman Rostin Behnam issued a statement on Tuesday announcing that he will step down on January 20, the day Donald Trump is inaugurated as President of the United States, paving the way for Trump's nominated new CFTC chairman.

Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), will also resign on the same day. Trump has nominated cryptocurrency advocate Paul Atkins as the next chairman of the SEC. Now, the next chairman of the CFTC has also become a hot topic of discussion among the public. According to multiple media reports, former CFTC commissioner Brian Quintenz is currently seen as the most popular candidate to succeed.

During his tenure, Rostin Behnam repeatedly called on Congress to fill the regulatory gap in cryptocurrency and led the CFTC in taking enforcement actions against several companies, including lawsuits against well-known companies such as FTX, Binance, and Celsius.

Rostin Behnam pointed out that after stepping down as chairman on January 20, he will continue to stay at the CFTC until February 7 to complete the handover work. He mentioned in the statement:

In the past few years, the resilience of the financial markets has faced challenges from domestic and international events. The CFTC has always been able to make prudent and meaningful decisions in the face of these challenges, and I am proud of that. We are committed to filling regulatory gaps and addressing uncertainties, while responsibly engaging with newcomers and supporting innovative development.

As the chairman of the CFTC, Rostin Behnam has been actively involved in legislating and regulating the cryptocurrency market. He pointed out to Congress in March last year that cryptocurrency-related issues have seriously drained the resources of the CFTC. In the fiscal year 2023 alone, over 49% of CFTC enforcement actions were related to digital assets. He told Congress at the time:

It is shocking that a market we do not directly regulate has taken up half of our law enforcement resources. And not only does it consume the resources of law enforcement agencies, but we also need to cooperate with experts from other departments to outline a complete case.

In addition, Rostin Behnam has also expressed support for the Digital Commodities Consumer Protection Act. The bill was introduced by Senators Debbie Stabenow and John Boozman in 2022, aiming to establish a legal definition for digital commodities and bring related transactions under the supervision of the CFTC. It is worth noting that Sam Bankman-Fried (SBF), former CEO of FTX, has also publicly supported the bill.

During his tenure, Rostin Behnam also paid special attention to prediction markets, and called for congressional intervention and legislative regulation. These markets allow users to bet on future events, such as the total amount of snowfall in New York City or the outcome of the US presidential election.

At the end of 2023, the Commodity Futures Trading Commission (CFTC) banned Kalshi, a prediction market platform, from launching 'election contracts' on the grounds of protecting public interest. Kalshi chose to counter-sue.

In 2024, Judge of the District Court of Columbia ruled that the CFTC exceeded its statutory authority and found that the CFTC had no right to prohibit Kalshi from listing prediction contracts related to the US election. Although the CFTC subsequently appealed, it was ultimately dismissed by the Federal Appeals Court on October 2 of the same year.

The article 'Who Is the Popular Successor to Rostin Behnam, Chairman of the US CFTC, Who Announced His Resignation on January 20?' was first published in 'Block'.