Bitcoin Proponent, Amir Zaidi, to Leave US Commodities Futures and Trading Commission (CFTC)

Amir Zaidi, the Bitcoin man in CFTC set to step down from his role with Vincent McGonagle is heavily tipped to replace him.

One of the biggest Bitcoin (BTC) proponent inside the U.S Commodity Futures and Trading Commission (CFTC) will be leaving in the coming weeks according to a report by Bloomberg Law. Amir Zaidi who served as the director of the CFTC’s Division of Market Oversight (DMO) will be leaving the organization after a long trail of Bitcoin battles in the commission.

Amir has worked as a policymaker at the commission for the past two and a half years implementing laws that have promoted the growth of Bitcoin’s ecosystem.

The commissioner and his team drafted the new regulations governing over the counter trades of Bitcoin and creating the trading of Bitcoin (BTC) futures – his most memorable contribution to the crypto industry.

‘CFTC Has Not Approved The Physically Settle Bitcoin Futures’

The CFTC recently offered a warning to investors claiming that they had not approved the LedgerX physically settled Bitcoin futures despite the company confirming the official launch.

The commission is also investigating BitMEX Bitcoin futures and the founder Arthur Hayes on accounts of spawn differences between the inflows and outflows from the company. This has seen millions of dollars leave the trading platform as investigations continue.

More CFTC Replacements Taking Place

On August 2, the commission announced the departure of their first-ever Chief Innovation Officer (CIO) and Director of LabCFTC, Daniel Gorfine. The vibrant CIO had a vision of creating regulations that “facilitate market-enhancing innovation, informing policy and ensure that the CFTC has the regulatory and technological tools.”

Zaidi’s resignation, compounded with Daniel leaving is a big blow to the crypto community, who continue to push for people with an understanding to take places in the commission. However, in July, the commission welcomed former Coinbase employee, Andrew Ridenour, to the commission in the capacity of senior counsel to the Chairman of the commission.

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