US Commodity Futures Trading Commission Chair Carolyn Pham, the Republican commissioner who just took over the agency’s duties as President Donald Trump returns to the White House, He took out several of the agency’s top officials During the era of his predecessor, Rustin Behnam, a Democrat appointed by Joe Biden.
The personnel changes – with each departure replaced by temporary officials appointed by Pham – will have crypto oversight implications for the US Financial Derivatives Regulatory Authority, which is preparing to play a bigger role in this area.
Notably, Harry Jung, who joined the CFTC in 2023 as senior policy advisor to Pham, will lead the agency’s engagement in the cryptocurrency industry. He has been selected for a senior role as the new acting chief of staff at the Commodity Futures Trading Commission (CFTC).
Pham announced the departure of an extensive list of senior officials, including the agency’s General Council and the heads of the enforcement, public affairs, clearing, risk, market surveillance and market participant divisions. Also exiting is the head of the Office of International Affairs and the department that oversees legislative affairs — a key area for the agency as Congress will work on a cryptocurrency bill that could put the CFTC in a starring role.
“I am pleased to announce changes in CFTC leadership with the beginning of the new administration,” Pham said in a statement. “I am grateful for the many decades of loyal service to the CFTC, and I appreciate our talented CFTC staff who will assume these roles on an interim basis.”
The new acting general counsel — the agency’s top legal official — and FAM’s chief of staff and director of public affairs were elevated from the staff ranks from its commissioner’s office: Megan Tente, Taylor Foy, and Jung, respectively. The legislative office will be run by Nicholas Elliott, who previously advised her on policy.
The backup enforcement director will be Brian Young, a former Justice Department veteran who took over as a whistleblower officer at the CFTC last year.
