President Biden has changed the roles of two CFTC commissioners, Christy Romero and Kristin Johnson. This has been greeted with objections.

Is Rostin Behnam the target?

     It is believed that the Biden administration is weakening the pro-crypto CFTC chairman, Rostin Behnam. Although the replacement made by Biden has not yet come into effect, political pressure will make it effective.

After the FIT21 bill?

     This new development comes after the FIT21 bill was passed by the US House. The FIT21 was created by US lawmakers to regulate crypto at the suggestion of Rostin Behnam. Although I, and no one else, will favour regulating borderless crypto, the centralised industry can only get recognition from such a law. So, such developments make it clear that the target is Rostin Behnam.

Fear spreads in the US cryptoverse

     The Biden administration replacing two CFTC commissioners is no small matter; now the cryptoverse fears that if Biden somehow wins the presidential election again, Rostin Behnam will also be replaced and the FIT21 bill will be vetoed. The Biden administration supporting disgraced SEC chairman Gary Gensler reinforces this fear.