CFTC Chair Caroline Pham Reshuffles Key Roles Following Trump Appointment

Caroline Pham, the acting chair of the Commodity Futures Trading Commission (CFTC), has announced significant leadership changes at the agency, just days after being appointed by President Donald Trump.

Pham outlined the new leadership structure in a January 22 statement, naming interim officials to key positions, including the agency’s market oversight and enforcement divisions, as well as its crypto outreach initiatives.

Harry Jung, a former policy adviser to Pham, has been appointed acting chief of staff and will oversee the CFTC’s engagement with crypto, decentralized finance (DeFi), and other digital assets.

Jung’s Background Could Lead to “Interesting” Regulatory Approaches

Known for her crypto-friendly stance, Pham’s decision to place Jung—a legal expert with experience at Morgan Stanley and CitiBank—in this role has drawn attention from industry insiders.

Crypto trader Monolith remarked that Jung’s background could lead to “interesting” regulatory approaches, while CoinFund President Christopher Perkins welcomed the CFTC’s proactive engagement with crypto under Jung’s leadership.

Harry Jung

• Former Senior VP of Citibank
• Manager at Morgan Stanley
• Degree in Law

Looks like we'll get some interesting regulations https://t.co/0NjCANEw8Q pic.twitter.com/TjfIcfJVd1

— monolith❒ 𓆩𖤐𓆪 ❒ (@0xMonolith) January 23, 2025

In addition to Jung’s appointment, Pham announced several other interim changes.

Meaghan Tente will transition to acting general counsel, Taylor Foy will lead the Office of Public Affairs, and Tom Smith will head the market participants division.

These changes signal a strategic realignment under Pham’s leadership, particularly in areas related to digital assets.

Pham also acknowledged the contributions of former CFTC chair Rostin Behnam, who had expressed concerns about the lack of regulatory oversight in crypto markets.

Her statement comes as the agency continues its enforcement efforts, which resulted in a record-breaking $17.1 billion in monetary relief for fiscal year 2024.

This includes $2.6 billion in civil monetary penalties and $14.5 billion in disgorgement and restitution, driven largely by crypto-related cases, according to a December 5 CFTC report.

CFTC Secures Record $17.1 Billion in 2024

The CFTC announced a record-breaking $17.1 billion in monetary relief for fiscal year 2024, primarily driven by high-profile cryptocurrency enforcement cases.

The sum includes $2.6 billion in civil monetary penalties and $14.5 billion in disgorgement and restitution.

The bulk of the recovery stemmed from the CFTC’s crackdown on the now-defunct crypto exchange FTX, which collapsed in November 2022.

The FTX case alone accounted for $12.7 billion, marking the largest recovery in CFTC history.

The litigation targeted the exchange, its sister firm Alameda Research, and key executives, including founder Sam Bankman-Fried.

The settlement involved $8.7 billion in restitution for victims and $4 billion in disgorgement.

Bankman-Fried was sentenced to 25 years in prison in March, though the CFTC noted that related proceedings are ongoing.

Additional cases are being pursued against former FTX executives, including Gary Wang, Caroline Ellison, and Nishad Singh.

Binance, the world’s largest cryptocurrency exchange, was another major target of the CFTC in 2024.

The agency recovered $150 million directly from Binance founder Changpeng Zhao and imposed $1.35 billion in civil monetary penalties on the company.

Binance was also ordered to pay an additional $1.35 billion in disgorgement as part of the settlement.