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Biden Administration to Pick Acting Chairman Rostin Behnam to Head CFTC: Report
The regulator is charged with overseeing derivatives market activity, including cryptocurrency derivatives.
Updated Sep 14, 2021, 1:40 p.m. Published Aug 16, 2021, 2:52 a.m.
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.
STORY CONTINUES BELOW
- 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.
Read more: CFTC Commissioner Says SEC Lacks Authority Over Commodities, Including ‘Crypto Assets’
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Key U.S. Senator on Crypto Bill, Lummis, Negotiating Dicey Points With White House
The Republican lawmaker who is among the core negotiators on the U.S. market structure bill said the White House has rejected some ethics language.
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- Sen. Cynthia Lummis (R-Wyo.) said she is negotiating with the White House on behalf of Senate Democrats trying to insert ethics provisions into Congress' market structure legislation.
- Lawmakers should reveal a new draft market structure bill by the end of the week and hold a markup hearing next week, she said.
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