The US Commodity Futures Buying and selling Fee (CFTC) has appointed Harry Jung to spearhead its crypto, DeFi, and digital belongings efforts.
Jung may even function Performing Chief of Employees underneath Performing Chair Caroline Pham, in keeping with a Jan. 23 assertion.
Jung’s promotion builds on his expertise because the Designated Federal Officer for the CFTC’s World Markets Advisory Committee. In that position, he collaborated with policymakers and business leaders to handle rising tendencies in digital markets.
In line with the press assertion:
“[Jung has] coordinated firm-wide working teams on rising points and world coverage boards, in addition to led the regulatory engagement relating to digital belongings with US prudential and capital markets regulators.”
Since becoming a member of the CFTC in 2023, he has served as Counselor and Senior Coverage Advisor to Pham throughout her tenure as Commissioner.
Earlier than his tenure on the company, Jung gained intensive expertise at Citigroup, Morgan Stanley, and the Monetary Business Regulatory Authority (FINRA), the place he labored on regulatory methods for digital markets.
In the meantime, this appointment is a part of broader management modifications on the CFTC underneath Pham’s route. Meghan Tente, Pham’s former Chief of Employees, now serves as Performing Common Counsel.
Moreover, Taylor Foy has been appointed Performing Director of Public Affairs, whereas Nicholas Elliot briefly leads the Workplace of Legislative and Intergovernmental Affairs.
Evolving panorama
The CFTC’s resolution to nominate a devoted crypto lead comes as US regulators ramp up their efforts to handle the challenges posed by the evolving digital asset panorama.
Performing Chairman Mark Uyeda introduced a new crypto activity power earlier this week. This initiative goals to ascertain a transparent regulatory framework for the business, addressing the shortcomings of enforcement-driven approaches.
Commissioner Hester Peirce, a long-time advocate for innovation within the digital asset area, will lead the SEC’s activity power. Senior Advisors Richard Gabbert and Taylor Asher will assist her.
Many consider these developments sign a shift towards regulatory readability underneath President Donald Trump’s administration.
They emphasised that these efforts will increase market confidence, pave the best way for banks’ broader adoption of blockchain know-how, enhance investor participation in cryptocurrencies, and deepen the mixing of Web3 options throughout industries.
