The U.S. Commodity Futures Trading Commission (CFTC) has announced new leadership appointments to enhance its oversight of cryptocurrencies, decentralized finance (DeFi), and digital assets. This move underscores a growing focus on innovation and market engagement in the regulatory landscape.
Leadership Changes to Focus on Digital Assets
On January 22, Acting Chairman Caroline D. Pham revealed significant leadership changes within the CFTC. Harry Jung has been named Acting Chief of Staff, a position in which he will play a key role in shaping the agency’s approach to digital asset regulation. According to Pham, Jung will act as her top advisor and lead the CFTC’s engagement on cryptocurrencies, DeFi, and other digital assets.
Jung’s contributions to the CFTC began in 2023, during which he has played a vital role in developing digital asset policies. His work with the Global Markets Advisory Committee has been particularly noteworthy, and his previous experience at Citigroup and the Financial Industry Regulatory Authority (FINRA) has further bolstered his qualifications for this new role.
Acting Chairman Pham herself has been in her position since January 20, following her appointment by former President Donald Trump. Pham was sworn in as a CFTC Commissioner on April 14, 2022, after being nominated by Trump and unanimously confirmed by the Senate.
In case you missed it…Acting @CFTC Chair @CFTCpham has appointed her top advisor, Harry Jung, to lead engagement across crypto, DeFi and other digital assets. Glad to see the CFTC engaging…and NOT with the head of enforcement! https://t.co/C27cFshWCr pic.twitter.com/yQMrE5AWsS
— Christopher Perkins 🦅🌎⚓️NYC (@perkinscr97) January 23, 2025
In parallel, the Securities and Exchange Commission (SEC) is also undergoing leadership changes. On January 20, Mark Uyeda, a Republican commissioner, was appointed Acting Chair of the SEC after the resignation of former Chair Gary Gensler. Uyeda has called for resetting the SEC’s regulatory agenda to prioritize capital formation and innovation while ensuring robust investor protections against fraudulent activities. Additionally, President Trump has nominated Paul Atkins, a former SEC Commissioner known for advocating reduced regulatory burdens, as the permanent Chair of the SEC. Atkins’ nomination awaits Senate confirmation.
These leadership changes at both the CFTC and SEC indicate a broader shift toward policies that could be more accommodating to the growth of cryptocurrencies and related technologies. By focusing on fostering innovation within the digital asset space, the new administration is signaling its intent to create a more supportive regulatory environment for the evolving crypto market.
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