Biden Administration to Pick Acting Chairman Rostin Behnam to Head CFTC: Report

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.

• 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.