Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert announced Thursday he would resign early in 2021.
"With the agenda I laid out last year now complete, the Commission can fully turn its focus to the unwritten future," he said in Thursday's announcement.
"A majority of our work has taken place in the midst of COVID-19, a global pandemic that is testing the strength of our markets and our ability to adapt. Amid historic volatility, the CFTC has provided a steady hand and watchful eye while our markets act as shock absorbers. There is no doubt in my mind this has been the CFTC’s 'finest hour' during our celebrated 45-year history," he said.
Tarbert did not provide a specific timeline for his departure, but he will leave as President-elect Joe Biden takes office after unseating incumbent President Donald Trump. Biden is already set to name a new Securities and Exchange Commission (SEC) chairperson after current one, Jay Clayton, announced he would depart at the end of 2020.
Biden may also name a new head for the Office of the Comptroller of the Currency. Currently, the seat is filled by Acting Comptroller Brian Brooks, who has been nominated to serve a full five-year term with the agency.
UPDATE (Dec. 10, 2020, 16:04 UTC): Updated with additional information.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.