Chief Advisor Harry Jung has been appointed to lead the US Commodity Futures Trading Commission (CFTC) in its cryptocurrency, DeFi, and digital asset initiatives.
Harry Jung Takes over CFTC’s Crypto Initiatives
According to the official website of the regulatory body, CFTC Acting Chair Caroline D. Pham announced leadership changes within the organization today. Apart from serving as the chief advisor to Acting Chair Pham, Harry Jung will also lead the CFTC’s work in the areas of crypto, DeFi, and other digital assets. Jung will serve as the Designated Federal Officer for the CFTC’s Global Markets Advisory Committee.
This development hints at the possible clearer crypto regulation in the near future.
Congratulating the staff serving the CFTC on an interim basis, Pham stated, “I’m pleased to announce CFTC leadership changes with the beginning of the new Administration, and I want to recognize and thank former Chairman Behnam and his staff, as well as Steve Adamske, Director, Office of Public Affairs; Clark Hutchison, Director, Division of Clearing and Risk; Ian McGinley, Director, Division of Enforcement; Vince McGonagle, Director, Division of Market Oversight; Amanda Olear, Director, Market Participants Division; Suyash Paliwal, Director, Office of International Affairs; Rob Schwartz, General Counsel; and Ann Wright, Director, Office of Legislative and Intergovernmental Affairs, who have been the CFTC’s executive leadership team over the past several years.”
Before joining the CFTC in 2023 as an advisor and senior policy advisor to Commissioner Pham, Harry Jung held several key roles at Citigroup. These included Senior Vice President in the Office of the CEO and the Office of the Chief Administrative Officer, where he focused on global regulatory strategy. Jung also spearheaded crypto regulatory efforts, working closely with US prudential regulators and capital market regulators.
The crypto industry typically prefers the CFTC over the Securities and Exchange Commission (SEC) due to its comparatively lighter regulatory approach. As a result, unlike in previous years, the CFTC might even oversee the spot markets for Ethereum and Bitcoin, provided Congress gives the necessary authority.
Also Read: SEC Launches New Crypto Task Force To Clarify Regulations
Source: https://www.cryptonewsz.com/us-cftc-harry-jung-lead-crypto-defi/