CFTC strengthens focus on cryptocurrencies with Harry Jung's digital asset appointment

The U.S. Commodity Futures Trading Commission (CFTC) has appointed Harry John to spearhead its crypto, DeFi, and digital asset efforts.

Jung will also serve as acting chief of staff to acting chairperson Caroline Pham, according to a Jan. 23 statement.

Mr. Jung's promotion is based on his experience as a designated federal officer on the CFTC's Global Market Advisory Committee. In that role, he worked with policymakers and industry leaders to address emerging trends in the digital marketplace.

According to a press statement:

“[Mr. Jung]coordinated company-wide working groups and global policy forums on emerging issues, and led regulatory engagement on digital assets with U.S. prudential regulators and capital markets regulators.”

Since joining the CFTC in 2023, he has served as an advisor and senior policy advisor to Mr. Pham during his tenure as Commissioner.

Prior to joining the agency, Mr. Jung gained extensive experience working on digital market regulatory strategies at Citigroup, Morgan Stanley, and the Financial Industry Regulatory Authority (FINRA).

Meanwhile, the appointment is part of a broader leadership change at the CFTC under Pham's direction. Megan Tente, Pham's former chief of staff, is currently acting general counsel.

In addition, Taylor Foy has been named acting director of communications, and Nicholas Elliott has been appointed to temporarily lead the Office of Legislative and Intergovernmental Affairs.

evolving landscape

The CFTC's decision to appoint a dedicated head of crypto assets comes as the U.S. regulator ramps up its efforts to address the challenges posed by the evolving digital asset landscape.

Acting Chairman Mark Ueda announced the creation of a new crypto task force earlier this week. This initiative aims to establish a clear regulatory framework for the industry and address the shortcomings of enforcement-led approaches.

Commissioner Hester Peirce, a longtime advocate of innovation in the digital asset space, will lead the SEC's task force. She will be supported by senior advisors Richard Gabbert and Taylor Asher.

Many believe these moves signal a shift toward regulatory clarity under President Donald Trump's administration.

He emphasized that these efforts will increase market confidence, pave the way for widespread adoption of blockchain technology by banks, increase investor participation in cryptocurrencies, and deepen the integration of Web3 solutions across the industry. .

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