Rostin Behnam is set to step down as chair of the U.S. Commodity Futures Trading Commission (CFTC) on January 20. During his four-year term, Behnam focused on enforcing regulations in the digital asset space and called for increased oversight.

He believed that the current regulatory framework for digital assets, such as Bitcoin and crypto exchanges, was insufficient and advocated for the CFTC to be recognized as the primary regulator in this area. Behnam's tenure saw the CFTC expand into emerging markets and secure a $4.3 billion settlement with Binance for operating an unlicensed derivatives platform in the U.S. He also played a key role in finalizing federal guidelines for carbon offset trading.

Former CFTC commissioner Brian Quintenz is a leading candidate to succeed Behnam. Quintenz, who served from 2017 to 2021, currently heads the policy division at Andreessen Horowitz's crypto division and has been a supporter of financial innovation in digital assets. The next CFTC chair will face ongoing challenges in regulating digital assets and overseeing offshore betting platforms.