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.

Acting Chairman @CFTCpham Announces CFTC Leadership Changes: https://t.co/x2J5tS4TnN

— CFTC (@CFTC) January 23, 2025

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.