US Commodity Futures Trading Commission Chairman Rustin Behnam announced that he will resign later this month He said Tuesday in a statement.

Behnam plans to resign on January 20 - the day President-elect Donald Trump is sworn in - and will leave the commission on February 7. Behnam is the latest of several crypto-skeptic regulators to step down in an attempt to avoid skirmishes with the incoming administration, which has promised to appoint more pro-crypto officials to the head of several federal regulatory agencies.

“Over the past few years, many local and global events have tested the resilience of all financial markets,” Behnam said in the statement. “I am pleased to leave the CFTC and the derivatives markets stronger than ever.”

Behnam did not mention the reason for his departure, which he announced only one day later Michael Barr said He will resign as Vice Chairman of the Federal Reserve Board for Supervision Due to the possibility of political disagreement over his appointment.

The Commodity Futures Trading Commission (CFTC) is responsible for directing oversight of financial derivatives markets, including cryptocurrency futures and options.

As head of the Commodity Futures Trading Commission (CFTC), Behnam sought to make the commission the primary regulator of Bitcoingiving it a significant influence on the future of the digital asset industry in the United States. He also called for stricter regulatory barriers for cryptocurrency exchange-traded products, drawing attention to “Ambiguous and inconsistent practices in cash markets for digital assets.”

Trump will likely replace Behnam with one of the CFTC's two permanent Republican commissioners, Summer Mersinger or Caroline Pham. Reuters I mentioned Tuesday.

Behnam is the latest of several organizers appointed by President Joe Biden to step down before Trump's inauguration. Securities Commission Chairman Gary Gensler indicated in November that he would do so Step down As of January 20th while Two other commissioners were appointed by Democrats They are also on their way out.

Modified by Andrew Hayward