- On Jan 22, C. Perkins, Coinfund President posted on X arguing he was happy to witness the CFTC engaging and not with the head of enforcement.
- The acting chair accepted ex-CFTC chair Rostin Behnam, who was concerned regarding the lack of regulatory oversight in crypto.
- Monolith, a crypto trader mentioned that Jungs has a law degree, and has similar experience as a manager at Morgan Stanley.
The Commissioner of the Commodity Futures Trading Commission, Caroline Pham has made some notable changes to the top positions of the agency. The alterations have been made just after the appointment of US President Donald Trump.
On January 22, in a statement, Pham publicized the new leadership of CFTC naming provisional officials to top spots, consisting of new directors for the market oversight of the agency and enforcement divisions and a key position for the CFTC’s crypto overreach.
Trump’s pick
For leading the CFTC’s engagement in crypto, decentralized finance (DeFi) as well as other virtual assets, Harry Jung was appointed to the position of acting chief of staff, as per Pham. Before this, Jung served as a policy adviser for Pham. The existing chair of CFTC is famously known for her crypto-friendly nature at the agency.
Pham was a pick of Trump to lead the CFTC on January 20. Last year, it was reported that the government of Trump may look to hand oversight of the crypto industry to the Commodity Futures Trading Commission, restraining the territory of the Securities and Exchange Commission.
On January 22, Christopher Perkins, Coinfund President posted on X in which he said that he was happy to witness the CFTC engaging and not with the head of enforcement. Monolith, a crypto trader mentioned that Jungs has a law degree, and has similar experience as a manager at Morgan Stanley.
He has also served as vice president at CitiBank, which could lead to an interesting approach to crypto regulations. Pham asserted that Meaghan Tente will change from chief of staff to acting general counsel, and Taylor Foy will transition from Pham’s senior adviser to the Office of Public Affairs. At the same time, Tom Smith will head the market participants sector.
Lack of regulatory oversight
The acting chair accepted ex-CFTC chair Rostin Behnam, who was concerned regarding the lack of regulatory oversight in crypto, and the remaining of the ex-CFTC leadership team. It comes after the CFTC publicized a record-breaking $17.1 billion in monetary relief for the last fiscal year, mainly driven by enforcement actions consisting of crypto cases.
On December 5, CFTC said that the record amount is estimated to be around $2.6 billion in civil monetary penalties (CMP) and around $14.5 billion in disgorgement as well as restitution.
