CFTC strengthens crypto focus with Harry Jung’s digital asset appointment

The US Commodity Futures Trading Commission (CFTC) has appointed Harry Jung to spearhead its crypto, DeFi, and integer assets efforts.

Jung volition besides service arsenic Acting Chief of Staff nether Acting Chair Caroline Pham, according to a Jan. 23 statement.

Jung’s promotion builds connected his acquisition arsenic the Designated Federal Officer for the CFTC’s Global Markets Advisory Committee. In that role, helium collaborated with policymakers and manufacture leaders to code emerging trends successful integer markets.

According to the property statement:

“[Jung has] coordinated firm-wide moving groups connected emerging issues and planetary argumentation forums, arsenic good arsenic led the regulatory engagement regarding integer assets with US prudential and superior markets regulators.”

Since joining the CFTC successful 2023, helium has served arsenic Counselor and Senior Policy Advisor to Pham during her tenure arsenic Commissioner.

Before his tenure astatine the agency, Jung gained extended acquisition astatine Citigroup, Morgan Stanley, and the Financial Industry Regulatory Authority (FINRA), wherever helium worked connected regulatory strategies for integer markets.

Meanwhile, this assignment is portion of broader enactment changes astatine the CFTC nether Pham’s direction. Meghan Tente, Pham’s erstwhile Chief of Staff, present serves arsenic Acting General Counsel.

Additionally, Taylor Foy has been appointed Acting Director of Public Affairs, portion Nicholas Elliot temporarily leads the Office of Legislative and Intergovernmental Affairs.

Evolving landscape

The CFTC’s determination to name a dedicated crypto pb comes arsenic US regulators ramp up their efforts to code the challenges posed by the evolving integer plus landscape.

Acting Chairman Mark Uyeda announced a new crypto task force earlier this week. This inaugural aims to found a wide regulatory model for the industry, addressing the shortcomings of enforcement-driven approaches.

Commissioner Hester Peirce, a long-time advocator for innovation successful the integer plus space, volition pb the SEC’s task force. Senior Advisors Richard Gabbert and Taylor Asher volition enactment her.

Many judge these developments awesome a displacement toward regulatory clarity nether President Donald Trump’s administration.

They emphasized that these efforts volition boost marketplace confidence, pave the mode for banks’ broader adoption of blockchain technology, summation capitalist information successful cryptocurrencies, and deepen the integration of Web3 solutions crossed industries.

The station CFTC strengthens crypto absorption with Harry Jung’s integer plus appointment appeared archetypal connected CryptoSlate.