New Acting
Chairwoman Caroline Pham of the U.S. Commodity Futures Trading Commission
(CFTC) has implemented a sweeping overhaul of the agency’s leadership team
following President Donald Trump’s return to the White House

The
leadership changes, announced on January 22, introduce interim appointments
across key divisions, signaling a new direction for the regulator amid its
expanding role in cryptocurrency oversight.

Pham Reshapes CFTC
Leadership amid Transition to Trump Administration

In her
statement, Pham expressed gratitude to the outgoing team, led by former Chair
Rostin Behnam, and highlighted the contributions of the previous leadership,
who collectively dedicated decades of service to the agency.

Pham
praised the talent within the CFTC, stating, “I am grateful for their
combined many decades of faithful service to the CFTC, and I appreciate our
talented CFTC staff who will be assuming these roles on an interim basis.”

The news
that Pham would take over as chair of the CFTC surfaced on Monday, the day of
Trump’s inauguration as president. She was appointed commissioner in 2022 and
previously led the agency’s Global Markets Advisory Committee.

Pham gained
attention earlier for her vocal criticism of the CFTC’s operations, accusing
the agency of relying on “decades-old regulations” whose
interpretations “lack rational basis.”

CFTC Key Interim
Appointments

Among the
notable changes, Harry Jung was appointed Acting Chief of Staff. Jung will lead
the agency’s engagement with cryptocurrencies, decentralized finance (DeFi),
and digital assets. Having joined the CFTC in 2023 as a senior policy advisor
to Pham, Jung brings experience from previous roles at Citigroup and Morgan
Stanley, where he focused on regulatory strategy and digital assets.

Meghan
Tente transitions from Chief of Staff to Acting General Counsel, overseeing the
agency’s legal matters. Tente has served in multiple leadership roles within
the CFTC since 2012, including Acting Director of the Division of Market
Oversight. Her expertise spans registration, compliance, and international
regulatory standards.

Taylor Foy,
previously a senior advisor in Pham’s office, assumes the role of Acting
Director of the Office of Public Affairs. With nearly 14 years of experience on
Capitol Hill, Foy has worked on public messaging and communication strategies
for key Senate committees.

Other
interim appointments include Brian Young as Acting Director of Enforcement,
Nicholas Elliot as Acting Director of Legislative and Intergovernmental
Affairs, and Amanda Olear as Acting Director of Market Oversight. Young, a
former Department of Justice (DOJ) veteran, brings extensive experience in
high-profile litigation, including white-collar crime and market manipulation
cases.

Focus on Cryptocurrency
Regulation

Under
Pham’s leadership, the CFTC is poised to play an increasingly significant role
in regulating cryptocurrencies. The agency has gained attention for its
enforcement actions involving crypto firms, which contributed to a record $17.1
billion in monetary relief in fiscal year 2024. The leadership reshuffle comes
as Congress works on new cryptocurrency legislation that could expand the
CFTC’s oversight authority.

Pham’s
appointments reflect a strategic focus on digital asset regulation. Jung’s
background in financial compliance and digital assets is expected to shape the
agency’s approach to crypto markets, while Tente’s regulatory experience
positions the CFTC to navigate evolving market challenges.

Of course,
it cannot be overlooked that this move is primarily political. Under Joe
Biden’s administration, the CFTC was led by Democrats, whereas Trump, within
the first days of officially taking office, is aiming to place his own people
in key positions within the important financial commission.