Harry Jung Appointed to Guide CFTC’s Crypto and Digital Asset Strategy
The post Harry Jung Appointed to Guide CFTC’s Crypto and Digital Asset Strategy appeared on BitcoinEthereumNews.com.
In a leadership shakeup at the Commodity Futures Trading Commission (CFTC), Acting Chair Caroline Pham appointed Harry Jung as Acting Chief of Staff on Wednesday. Jung, who previously served as Pham’s Counselor and Senior Policy Advisor, will lead the agency’s crypto and digital assets engagement and will build on his experience at Citigroup and prior regulatory roles. CFTC’s Crypto Engagement The appointment comes as part of broader leadership changes shortly after Pham’s interim appointment by President Donald Trump. Pham has been involved in several digital asset initiatives at the CFTC, including the creation of a Digital Asset Markets subcommittee. In 2023, she proposed the establishment of a regulatory sandbox to develop a framework for emerging technologies and outlined plans for a digital asset pilot program. The Trump administration has not yet named a permanent replacement for Rostin Behnam, who will leave the CFTC on February 7th. Former CFTC Commissioner Brian Quintenz is reportedly a top contender for the position. Throughout his four years at the CFTC, Behnam strongly advocated for the agency to lead the regulation of Bitcoin and other digital currencies. He emphasized the importance of robust oversight as the digital asset market grew rapidly. Under his leadership, the CFTC took major enforcement measures, such as reaching a $2.7 billion settlement with Binance. In its final push, the agency subpoenaed crypto exchange, Coinbase for customer information tied to Polymarket, a prediction market platform accused of regulatory violations. This last-ditch effort just before the Trump takeover came amidst allegations of market manipulation and gambling law breaches at Polymarket. SEC, FDIC Shuffle Besides Pham for CFTC, Mark Uyeda was appointed as the acting chair of the US Securities and Exchange Commission (SEC) by President Donald Trump, replacing Gary Gensler. A vocal critic of Gensler’s crypto policies, Uyeda will serve in this…
Filed under: News - @ January 24, 2025 3:19 am