CFTC chair to step down in 2021

Darren Sinden

It’s a shame that the bipartisan nature of US politics does not allow Mr Tarbet to remain in situ under the Biden presidency, as he won’t easily be replaced.

Reg SCI rules by SEC addressed in new Exegy Inc. package

The chair of the US Commodities Futures Trading Commission or CFTC is to step down in January when Joe Biden becomes President.

Heath Tarbet is staunch Republican and took up his post in July 2019 and will have served around 18 months when he symbolically resigns next month.

A change of administration in the USA often means that senior posts are reallocated by the incoming government, though Mr Tarbet’s record at the CFTC might have been thought sufficient for him to have retained his role, political differences aside.

Speaking about his time at the CFTC Mr Tarbet said that “It has been a great honour to serve the American people as the 14th chairman and chief executive of the CFTC as well as one of the agency’s five commissioners. Leading the men and women of the CFTC these last 17 months has been an extraordinary privilege but, like all good things, it must come to an end,”

Before joining the CFTC in 2019 Mr Tarbet had been policy chair for the US committee on foreign investment in the US, where he served for two years and he had also served as the US executive director at the World Bank.

Mr Tarbet has been a very effective leader at the CFTC, and during his time at the commission, it has drafted and added 40 new rules and 21 new proposals and of course weathered the extreme conditions created by the pandemic. Heath Tarbet described the CFTC’s performance under those conditions as its finest hour.

The Futures Industry Association or FIA expressed its thoughts on the pending departure, stating

“We appreciate the chairman’s response during the onset of the COVID-19 pandemic, his direct communication with FIA members, and his work to ensure the markets remained liquid and functioning”

“Chairman Tarbert also served with distinction on the international stage, collaborating with counterparts in various jurisdictions to preserve cross-border access to markets for US entities and recently becoming the first CFTC chairman to be named a vice-chair of IOSCO.”

In a period when many appointees made by the Trump administration came in for criticism, Mr Tarbet is an exception and looks to be leaving the CFTC in a stronger position than when he joined.

The regulator’s enforcement division has been particularly active during 2020 issuing a record number of enforcement actions and generating $1.30 billion in penalties.

It’s a shame that the bipartisan nature of US politics does not allow Mr Tarbet to remain in situ under the Biden presidency, as he won’t easily be replaced.

However, at the relatively young age of 44 he no doubt has an exciting career path ahead of him and its unlikely that he will be short of job offers, though they will probably be from the private sector or the legal profession as Mr Tarbet was previously a partner at Allen and Overy.

Read this next

Digital Assets

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

“The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

<