Rostin Behnam, the Chair of the US Commodity Futures Trading Commission (CFTC), is set to step down on January 20 after a significant four-year term during which he emphasized the need for stronger regulation in the cryptocurrency sector. His tenure was marked by overseeing high-profile cases, including a $4.3 billion settlement with Binance, and expressing concerns over the lack of oversight in the digital asset industry. As Behnam’s departure nears, he continues to advocate for increased regulatory frameworks, highlighting the inadequacies in the current US digital asset regulations which remain largely unregulated.
In other news, Russia has moved to confiscate $10 million in Bitcoin from Marat Tambiev, a former employee of the Investigative Committee of the Russian Federation, who was convicted of crypto bribery last year. Reports indicate that Tambiev was sentenced to 16 years in prison for accepting a bribe of 2,718 BTC, valued at approximately $255 million, marking one of the largest bribery cases in Russia’s history. The seized Bitcoin will be added to Russia’s state revenue as part of the proceedings.
Meanwhile, the International Monetary Fund (IMF) has urged Kenya to establish proper regulations for the cryptocurrency market to protect consumers and address potential Anti-Money Laundering and Combating the Financing of Terrorism risks. The IMF’s advice follows a technical assistance report requested by Kenya’s Capital Markets Authority, which highlighted that existing regulations for traditional markets are outdated and ineffective in governing the crypto sector. During consultations in Nairobi, IMF staff noted significant uncertainty and a lack of consensus among Kenyan lawmakers regarding crypto regulations.
In New York, Attorney General Letitia James has filed a lawsuit to recover over $2 million in cryptocurrencies lost to a job scam that exploited individuals seeking remote work. The scam involved deceiving victims into cryptocurrency transactions by falsely promising remote job opportunities that required creating crypto accounts and maintaining balances akin to product costs. James indicated that the cryptocurrency has been frozen, labeling the act of deceiving vulnerable individuals as “cruel and unacceptable.”