The US Commodity Futures Trading Commission (CFTC) has appointed Harry Jung to spear his crypto, defi-and digital assets efforts.
Jung will also serve as acting staff chef among acting chairman Caroline Pham, according to a statement of 23 January.
Jung’s promotion builds on his experience as the designated federal officer for the advisory committee of the CFTCs Global Markets. In that role he collaborated with policy makers and market leaders to tackle emerging trends in digital markets.
According to the press statement:
‘[Jung has] Coordinated company -wide working groups on emerging issues and global policy forums, and led the legal involvement with regard to digital assets with American prudential and capital market battle facers. “
Since he joined the CFTC in 2023, he served as Commissioner as Commissioner as Commissioner for Pham during her term of office.
Before his term of office at the agency, Jung gained extensive experience at Citigroup, Morgan Stanley and the Regulatory Authority (Finra) of the financial industry, where he worked on regulatory strategies for digital markets.
In the meantime, this appointment is part of broader leadership changes at the CFTC under the direction of Pham. Meghan Tente, the former Chief of Staff of Pham, now serves as an acting general counselor.
In addition, Taylor Foy has been appointed acting director of Public Affairs, while Nicholas Elliot temporarily leads the office of legislative and intergovernmental matters.
Evolving landscape
The decision of the CFTC to appoint a dedicated crypto lead, as American regulators, is running their efforts to accept the challenges that are made of the evolving landscape of digital assets.
Acting chairman Mark Uyeda announced a new crypto task force earlier this week. This initiative is intended to set up a clear regulation framework for the industry, with regard to the shortcomings of enforcement -driven approaches.
Commissioner Hester Peirce, an old advocate for innovation in the digital asset room, will lead the Task Force of the SEC. Senior advisers Richard Gabbert and Taylor Asher will support her.
Many believe that these developments point to a shift in the clarity of the regulations under the government of President Donald Trump.
They emphasized that these efforts will stimulate market confidence, the way for the broader acceptance of Banks of Blockchain technology, increasing investor participation in cryptocurrencies and deepening the integration of web3 solutions in the industry.