Crypto-Focused Leadership Takes Shape at CFTC Under Interim Chief Pham
The U.S. Commodity Futures Trading Commission (CFTC) is undergoing a significant leadership shakeup, signaling a potential shift in the agency's approach to cryptocurrencies. Acting Chair Caroline Pham, recently appointed by the incoming administration, has named Harry Jung as Acting Chief of Staff, tasking him with leading the CFTC's engagement on crypto, DeFi, and digital assets.
Meet Harry Jung: A Crypto-Focused Chief of Staff
Jung, who joined the CFTC in 2023 as Counselor and Senior Policy Advisor to then-Commissioner Pham, brings a wealth of experience from the traditional financial sector. His previous roles include positions at Citigroup, where he led digital asset engagement with U.S. regulators, as well as stints at Morgan Stanley and the Financial Industry Regulatory Authority (FINRA).
A New Team at the Top: Pham Reshapes CFTC Leadership
Beyond Jung's appointment, Pham, a Republican, has made sweeping changes to the CFTC's leadership team, appointing several individuals who previously worked in her office. This includes Meghan Tente as Acting General Counsel, Taylor Foy as Acting Director of the Office of Public Affairs, and Nicholas Elliot as Acting Director of the Office of Legislative and Intergovernmental Affairs.
These appointments follow Pham's confirmation as Acting Chair by the CFTC's five members, after being tapped by the incoming president for the interim role earlier this week. "I'm pleased to announce CFTC leadership changes with the beginning of the new Administration," Pham said in a statement on Wednesday, thanking former Chairman Behnam and his staff for their service.
Pham's Track Record: Digital Asset Initiatives and a Sandbox Program
Pham has spearheaded several digital asset initiatives at the CFTC, including the creation of a Digital Asset Markets subcommittee and advocating for a regulatory sandbox and pilot program for digital assets in 2023. In a statement on Monday, she expressed her gratitude for the new role and reiterated her commitment to engaging with stakeholders and promoting well-functioning markets.
The Search for a Permanent Chair: What's Next for the CFTC?
The incoming administration has yet to name a permanent replacement for former Chairman Rostin Behnam, who stepped down on Inauguration Day, with his last day at the agency set for February 7. Former CFTC Commissioner Brian Quintenz is reportedly a top contender for the permanent position.