Prediction Held up AI assessment confidence: 98% certainty 3/5 debate potential 3/5

Incoming Biden SEC chair will prioritize mandatory corporate climate disclosures

Rostin Behnam · Acting Chairman Rostin Behnam – CFTC Regulatory Perspectives on Crypto and Climate (Capital Allocators, EP.178) · Feb 22, 2021 · at 59:32

CFTC Acting Chairman Rostin Behnam discusses the incoming Biden administration's regulatory approach to climate-related financial risk.

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“So my suspicion is whoever is nominated or potentially in the queue for a SEC chairmanship, this will be a priority for the administration.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

More from Rostin Behnam

Assertion Not checkable as stated
CFTC was the first real government regulator to touch crypto assets
“We were the first Real regulator to be from a government perspective to touch crypto assets. And there were two reasons. A few years earlier, it had been determined by the agency that Bitcoin is a commodity.”
Rostin Behnam Feb 22, 2021 ▶ 27:23 Acting Chairman Rostin Behnam – CFTC Regulatory Perspectives on Crypto and Climate (Capital Allocators, EP.178)
Assertion Not checkable as stated
Assets not clearly defined as securities default to CFTC commodity oversight
“If you look up the definition of commodity in the Coney Exchange Act, there's pretty much everything. Like if it's not a security, it's a commodity. So it naturally sort of fell to us because it wasn't clearly defined as a security.”
Rostin Behnam Feb 22, 2021 ▶ 27:53 Acting Chairman Rostin Behnam – CFTC Regulatory Perspectives on Crypto and Climate (Capital Allocators, EP.178)
Opinion
US regulations will apply to anything acting as a store of value
“If you're going to do business in the US, you have to understand that we are going to have a regulatory regime that functions and that applies to anything that constitutes or acts like a currency or a store of value.”
Rostin Behnam Feb 22, 2021 ▶ 32:46 Acting Chairman Rostin Behnam – CFTC Regulatory Perspectives on Crypto and Climate (Capital Allocators, EP.178)
Prediction Not checkable as stated
Unregulated, dark financial models will not be permitted in the US
“If folks want to completely live in the dark and be away from a regulatory regime or a centralized financial institution, I just don't think that functions in the US. It's just not going to.”
Rostin Behnam Feb 22, 2021 ▶ 33:12 Acting Chairman Rostin Behnam – CFTC Regulatory Perspectives on Crypto and Climate (Capital Allocators, EP.178)
Prediction Not checkable as stated
Compounding weather shocks could eventually escalate into national financial market risks
“Is it fair to say that climate change currently is going to cause financial stability or a financial crisis? No, not at the time. But if we have to think about climate change going forward for decades, and when you have these micro shocks across the country, w…”
Rostin Behnam Feb 22, 2021 ▶ 44:54 Acting Chairman Rostin Behnam – CFTC Regulatory Perspectives on Crypto and Climate (Capital Allocators, EP.178)
Assertion Supported
CFTC climate committee unanimously recommended requiring mandatory corporate climate risk disclosures
“What the recommendation was in the space of disclosures was that with some caveats, not, you know, everyone agreed that need to rethink disclosures, and I think the consensus unanimous decision was the current standard is it's like guidance around climate risk…”
Rostin Behnam Feb 22, 2021 ▶ 53:28 Acting Chairman Rostin Behnam – CFTC Regulatory Perspectives on Crypto and Climate (Capital Allocators, EP.178)
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