Donald Trump’s inauguration on January 20 increases investor excitement. Experts state that this shift is a shift from anti-crypto attitude to crypto-friendly attitude, which could affect all aspects of the crypto industry. While regulatory control was high during the Biden administration, it is considered that crypto-friendly policies may be at the forefront with Trump’s rule. While the appointment process had already begun, current CFTC Chairman Rostin Behnam resigned.
CFTC and Crypto
The names, which are among the six most likely candidates to replace Rostin Behnam for the CFTC Presidency, draw attention with their interest and experience in the crypto industry.
The upcoming regulatory drafts regarding cryptocurrencies include details that will allow a significant portion of altcoins to come under CFTC control. Moreover, cryptocurrencies whose security status appears to have been legally clarified will also be cleared to change their status by meeting CFTC requirements. Although it is a complex process, it is extremely important that the new CFTC Chairman is crypto-friendly.
The Impact of the CFTC Presidency on the Crypto Market
The impact of the new CFTC Chairman on the crypto market is wondered. Former President Rostin Behnam emphasized the importance of crypto regulations. Many industry experts think a crypto-friendly CFTC Chairman would make a significant difference for the industry.
Summer Mersingeris among the candidates interested in the crypto industry as CFTC commissioner. Brian Quintenzhead of crypto policy at Andreessen Horowitz and a supporter of Trump’s 2017 candidacy. Marco SantoriAs Kraken’s Legal Counsel, he is able to maintain a profile that is sensitive to crypto regulations.
Caroline Farmhas 24 years of experience in finance and law and has been dealing with crypto and digital assets for the last 10 years. Neal Kumarinteracts with financial institutions and crypto exchanges as Vice President of Commodities and Derivatives Practices at Willkie. Josh Sterlinga candidate with 20 years of experience as a federal financial regulator, formerly director of the CFTC’s Market Participants Division.
“The lack of crypto regulations has led to problems in the industry and these need to be resolved.” – Rostin Behnam
The appointment of the new CFTC Chairman will play a critical role for the future of the crypto market. Considering Trump’s appointment of David O. Sacks as Crypto Czar, significant steps can be taken in how crypto development will be shaped with regulatory support.
Donald Trump’s Ripple 
$2.3 His conversation with his CEO and Bank of America’s use of XRP in some internal transactions show that cryptocurrencies are not just a trend. The perspectives of future CFTC and SEC chairmen could have serious impacts on the crypto industry.
The support that the new CFTC Chairman will provide to the industry is of great importance for the regulation and growth of the crypto market. Cryptocurrencies are expected to develop more healthily with the supportive regulations the industry needs.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
