The US Commodity Futures Trading Commission (CFTC) has recently appointed Harry Jung to lead its efforts in the crypto, DeFi, and digital assets space. Jung will also take on the role of Acting Chief of Staff under Acting Chair Caroline Pham, as announced on January 23.
Jung’s promotion is a result of his successful tenure as the Designated Federal Officer for the CFTC’s Global Markets Advisory Committee. In this capacity, he collaborated with policymakers and industry leaders to address emerging trends in digital markets. The press statement highlighted his coordination of working groups on emerging issues and global policy forums, as well as his leadership in regulatory engagement regarding digital assets with US prudential and capital markets regulators.
Having joined the CFTC in 2023, Jung has previously served as Counselor and Senior Policy Advisor to Pham during her time as Commissioner. Prior to his tenure at the agency, he gained valuable experience at Citigroup, Morgan Stanley, and the Financial Industry Regulatory Authority (FINRA), focusing on regulatory strategies for digital markets.
This appointment is part of a wider series of leadership changes at the CFTC under Pham’s guidance. Meghan Tente, Pham’s former Chief of Staff, has transitioned to the role of Acting General Counsel. Taylor Foy has been appointed Acting Director of Public Affairs, and Nicholas Elliot is temporarily leading the Office of Legislative and Intergovernmental Affairs.
The CFTC’s decision to appoint a dedicated crypto lead reflects the increasing focus of US regulators on addressing the challenges posed by the evolving digital asset landscape. Acting Chairman Mark Uyeda recently announced the establishment of a new crypto task force, aimed at creating a clear regulatory framework for the industry that moves beyond enforcement-driven approaches.
Commissioner Hester Peirce, a vocal advocate for innovation in the digital asset space, will head the SEC’s task force, with support from Senior Advisors Richard Gabbert and Taylor Asher. These developments signal a shift towards regulatory clarity under President Donald Trump’s administration, with the potential to increase market confidence, facilitate broader adoption of blockchain technology by banks, enhance investor participation in cryptocurrencies, and drive the integration of Web3 solutions across various industries.
The appointment of Harry Jung and the formation of new task forces underscore the CFTC’s commitment to staying ahead of the curve in regulating the rapidly evolving digital asset landscape. The leadership changes at the agency reflect a strategic approach to addressing the challenges and opportunities presented by the increasing prominence of crypto, DeFi, and digital assets in today’s financial markets.