Caroline Pham Acting Chair of CFTC "CFTC Halts Enforcement-Centric Regulation"

Uk Jin

Summary

Acting Chair Caroline Pham announced that the CFTC has reorganized its departments to focus on fraud cases.
The CFTC reported that it is reducing its organization to a Fraud Dedicated TF and a Retail Fraud and General Enforcement TF.
The reorganization of the CFTC is expected to contribute to the efficiency of the agency's resources and the maintenance of market integrity.

The Commodity Futures Trading Commission (CFTC), one of the major cryptocurrency regulatory bodies in the United States, has announced a departmental reorganization.

According to CoinDesk, a cryptocurrency-focused media outlet, on the 4th (local time), Caroline Pham, Acting Chair of the CFTC, stated, "We have reorganized the CFTC departments to halt regulation through enforcement and focus on fraud cases."

Specifically, the CFTC will reduce its existing task forces (TF) to a Fraud Dedicated TF and a Retail Fraud and General Enforcement TF.

First, the Fraud Dedicated TF will be led by Deputy Director Paul Hayek and will handle complex fraud and market manipulation cases across all assets. Following this, the Retail Fraud and General Enforcement TF will be led by Deputy Director Charles Marvin and will handle retail fraud and general enforcement actions.

Caroline Pham, Acting Chair of the CFTC, stated, "This reorganization will allow the CFTC to utilize its resources more efficiently" and "will be more effective in maintaining market integrity."