The Appointment of Harry Jung at CFTC
The US Commodity Futures Trading Commission (CFTC) has named Harry Jung to lead its initiatives related to crypto, DeFi, and digital assets. Jung will also take on the role of Acting Chief of Staff under Acting Chair Caroline Pham.
Experience and Background
- Jung previously served as the Designated Federal Officer for the CFTC’s Global Markets Advisory Committee.
- He has collaborated with policymakers and industry leaders to address emerging trends in digital markets.
- Jung has led regulatory engagement on digital assets with US prudential and capital markets regulators.
Professional Journey
Before joining the CFTC, Jung held positions at Citigroup, Morgan Stanley, and the Financial Industry Regulatory Authority (FINRA), focusing on regulatory strategies for digital markets.
Leadership Changes at CFTC
Under Pham’s leadership, there have been several key appointments at the CFTC:
- Meghan Tente, Pham’s former Chief of Staff, now serves as Acting General Counsel.
- Taylor Foy has been appointed Acting Director of Public Affairs.
- Nicholas Elliot temporarily leads the Office of Legislative and Intergovernmental Affairs.
The Evolving Regulatory Landscape
The CFTC’s decision to appoint a dedicated lead for crypto reflects the increasing focus on regulatory challenges in the digital asset space. Acting Chairman Mark Uyeda recently announced the establishment of a new crypto task force to develop a clear regulatory framework for the industry.
Commissioner Hester Peirce, known for advocating innovation in digital assets, will lead the SEC’s task force, with support from Senior Advisors Richard Gabbert and Taylor Asher. These efforts are seen as a step toward regulatory clarity under the current administration.
This shift is expected to enhance market confidence, promote broader adoption of blockchain technology by banks, increase investor involvement in cryptocurrencies, and facilitate the integration of Web3 solutions across various industries.