Harry Jung Appointed to Guide CFTC’s Crypto and Digital Asset Strategy

In a management shakeup on the Commodity Futures Buying and selling Fee (CFTC), Appearing Chair Caroline Pham appointed Harry Jung as Appearing Chief of Employees on Wednesday.

Jung, who beforehand served as Pham’s Counselor and Senior Coverage Advisor, will lead the company’s crypto and digital property engagement and can construct on his expertise at Citigroup and prior regulatory roles.

CFTC’s Crypto Engagement

The appointment comes as a part of broader management modifications shortly after Pham’s interim appointment by President Donald Trump.

Pham has been concerned in a number of digital asset initiatives on the CFTC, together with the creation of a Digital Asset Markets subcommittee. In 2023, she proposed the institution of a regulatory sandbox to develop a framework for rising applied sciences and outlined plans for a digital asset pilot program.

The Trump administration has not but named a everlasting alternative for Rostin Behnam, who will go away the CFTC on February seventh. Former CFTC Commissioner Brian Quintenz is reportedly a high contender for the place.

All through his 4 years on the CFTC, Behnam strongly advocated for the company to guide the regulation of Bitcoin and different digital currencies. He emphasised the significance of sturdy oversight because the digital asset market grew quickly. Underneath his management, the CFTC took main enforcement measures, equivalent to reaching a $2.7 billion settlement with Binance.

In its closing push, the company subpoenaed crypto trade, Coinbase for buyer data tied to Polymarket, a prediction market platform accused of regulatory violations. This last-ditch effort simply earlier than the Trump takeover got here amidst allegations of market manipulation and playing legislation breaches at Polymarket.

SEC, FDIC Shuffle

Moreover Pham for CFTC, Mark Uyeda was appointed because the appearing chair of the US Securities and Change Fee (SEC) by President Donald Trump, changing Gary Gensler. A vocal critic of Gensler’s crypto insurance policies, Uyeda will serve on this position till the Senate confirms a everlasting successor. The American legal professional has a historical past of advocating for a extra lenient regulatory strategy to crypto, notably in opposition to enforcement actions concentrating on non-fraudulent crypto corporations. Paul Atkins, a pro-crypto determine, is Trump’s nominee for everlasting SEC chair.

On the Federal Deposit Insurance coverage Company (FDIC), however, Travis Hill has been named short-term chair following Marty Gruenberg’s resignation. The FDIC has confronted criticism, together with allegations from Senator Cynthia Lummis, over its dealing with of digital asset data tied to “Operation Choke Level 2.0.”