The acting president of the US Commodity Futures Trading (CFTC), Caroline Pham, said on Tuesday that the regulatory agency had reorganized its application division to “refocus” on fraud and “stop regulation by the application ยป.
Under former President Rostin Behnam, the division of the application of the CFTC law had a variety of working groups, including one focused on initiate, another cybersecurity and emerging technologies and a third parties aimed at combating environmental fraud. The new reorganization mine the number of working groups only two.
The newly created complex fraud working group is responsible for managing the application, from preliminary requests to complex litigation, fraud and manipulation in all asset classes. Paul Hayck, deputy director of the law enforcement division, will be the head of the working group of complex fraud. The retail fraud working group will manage retail fraud and the general application, and will be directed by Charles Marvine, also deputy director of the agency’s application division.
“This simplified structure will stop the regulations by the application and is more effective,” said Pham in a press release. “These essential changes will maximize the resources of the CFTC to bring more actions to pursue fraudsters and other bad players, and not punish good citizens.”
According to the announcement of the CFTC, the new structure “will more effectively use CFTC resources to prevent fraud, manipulation and abuse and ensure the integrity of the market” as well as “provide governance and increased surveillance of questions ‘Application to prevent exceeding and improving consistency, equity and regular procedure. “”
The rejection by the CFTC of the so-called regulation by the application of the law of the law pursued under the Biden administration echoes the ongoing environment to the American Commission for Securities and the Exchange, the Sister regulation agency of the CFTC. Under current President Mark Uyeda, the SEC has established a crypto working group and disowned the agency’s previous regulatory strategy by the application under former president Gary Gensler.
Read more: the SEC Commissioner, Hester Peirce, explains 10 priorities for the new working group on cryptography
