CFTC Commissioner Heath Tarbert Announces Departure From Office
After a successful 18-month tenure in office, Heath Tarbert is set to step down from his role as commissioner of the Commodities Futures Trading Commission (CFTC) on Friday.
“After almost 2 years at the @CFTC—including 18 incredible months as Chairman & Chief Executive—Friday will be my last day at the Commission. It's been an honor to work with so many talented individuals who make the CFTC the global standard for sound derivatives regulation.”
Tarbert’s tenure as chairman included the classification of ether (ETH, +0.23%) as a commodity, the launch of ether futures contracts, and an expansion of regulated crypto derivative products.
Recall that in December, he had left his post as chairman of the CFTC, which was announced formally by the Commission on its website. He was then replaced by acting chairman Rostin Behnam. However, Tarbert had indicated that he would go on to stay at the commission as commissioner for an indefinite length of time.
Although his term was not set to expire until April 2024, he said he felt his leaving would help clear the way for President Biden's selection of a permanent chair. This comes as no surprise as Tarbert had previously said his 18-month term would end once President Joe Biden took office.
Brummer To Head Federal Commodities Regulator
Meanwhile, following the announcement by Heath Tarbert, speculations have been made on who the next CFTC commissioner would be. Although President Biden has not yet nominated a permanent replacement, crypto-savvy academic and Georgetown law professor Chris Brummer is said to be in the lead for the position.
The Georgetown professor has been selected along with two Democratic commissioners, Rostin Behnam and Dan Berkovitz, by the Biden administration. Brummer has been quite vocal on the need for more minorities to be represented in the financial sector, saying this is the only way to quantify the impact policies have on minority groups.
Following his extensive research on digital technology and his role as a member of the sub-committee on virtual currencies, Brummer is seen by many crypto-enthusiasts as the person that will lead the agency to craft a dynamic regulatory framework for the crypto industry.