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The CFTC is considering a probe into Crypto.com’s futures contracts that allow betting on football matches, including the Super Bowl, amid concerns over compliance with gaming laws. The agency is set to review the contracts after the Super Bowl on February 9, following a notification from Crypto.com about their trading launch in December. A spokesperson for Crypto.com expressed disappointment over the potential action, emphasizing the need for the incoming CFTC leadership to guide market operations.
The CFTC's enforcement director Ian McGinley will leave the agency on Jan. 17, just days before Donald Trump's inauguration, amid a shift in regulatory focus towards the crypto industry. Meanwhile, decentralized exchange Mango Markets is winding down operations after a settlement with the SEC, and New York's Attorney General is pursuing over $2 million in crypto fraud cases. Additionally, FDIC Vice Chair Travis Hill criticized the debanking of crypto firms, advocating for a new direction that supports law-abiding customers.
The US Senate Banking Committee is set to establish a crypto subcommittee, with Senator Cynthia Lummis as the leading candidate for chair under the new administration. This subcommittee will oversee digital asset regulations, potentially superseding conflicting rules from the SEC and CFTC. Meanwhile, Rostin Behnam is expected to step down as CFTC chair, with Summer Mersinger likely to succeed him, advocating for a more balanced regulatory approach.
The US Senate Banking Committee is poised to establish its first crypto subcommittee, with Senator Cynthia Lummis as a leading candidate for chair, reflecting a pro-crypto stance ahead of President-Elect Trump's inauguration. Meanwhile, CFTC Commissioner Summer Mersinger is favored to succeed Rostin Behnam as chair of the agency, signaling a potential shift towards more favorable crypto regulations. As Trump prepares to take office, the Republican majority aims to enhance the US's position as a "crypto capital."
President-elect Donald Trump is considering several crypto-friendly candidates for the CFTC chair, including Summer Mersinger and Brian Quintenz, as he prepares to reshape the regulatory landscape for digital assets. Current CFTC Chair Rostin Behnam will resign on January 20, paving the way for a shift in oversight from the SEC to the CFTC, which is expected to play a larger role in regulating the $3.5 trillion crypto market. Trump's administration aims to end what he describes as the Biden administration's regulatory "crusade" against the crypto industry.
Rostin Behnam's resignation as CFTC chair opens the door for potential shifts in U.S. crypto regulation, with candidates like Summer Mersinger, Brian Quintenz, and Marco Santori under consideration. Each brings unique perspectives on balancing innovation and consumer protection in the digital asset space. Mersinger advocates for a rulemaking process around DeFi, while Quintenz's ties to industry leaders and Santori's legal expertise at Kraken position them as influential figures in shaping future regulatory frameworks.
Rostin Behnam will resign as Chair of the CFTC effective January 20, coinciding with President-elect Donald Trump's inauguration. During his tenure, Behnam advanced crypto oversight, leading to significant enforcement actions, including a record fine against Binance and settlements with the Winklevoss twins. Speculation about his successor includes pro-crypto candidates like Republican Commissioners Summer Mersinger and Caroline Pham, as well as former Commissioner Brian Quintenz.
CFTC Chair Rostin Behnam will resign on Inauguration Day, with a departure from the agency set for early February. Nominated by Trump in 2017, Behnam advocated for expanded CFTC authority over crypto markets, highlighting the agency's limited regulatory power despite significant enforcement actions. His resignation opens the door for potential successors, including Caroline Pham and Summer Mersinger, both known for their engagement with the crypto industry.
CFTC Chair Rostin Behnam will resign on February 7, following the inauguration of President-elect Donald Trump, amid a wave of departures from crypto-skeptic regulators. His exit comes as the crypto industry anticipates a shift towards more favorable policies under new leadership. Michael Barr, Vice Chair for Supervision at the Federal Reserve, also announced his resignation, further indicating a potential regulatory overhaul.
Rostin Behnam will step down as Chairman of the Commodity Futures Trading Commission (CFTC) on January 20, coinciding with Donald Trump's inauguration, signaling a potential shift toward deregulation. Behnam's tenure included a balanced approach to cryptocurrency regulation and efforts to address political betting and climate-related financial risks. His departure opens the door for new leadership, likely favoring a more deregulated stance in the evolving financial landscape.
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CFTC considers investigation into Crypto.com over Super Bowl betting contracts
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