In brief
- The CFTC appointed crypto defense attorney David Miller to lead its enforcement division.
- The division has seen major staff cuts, as the CFTC massively pulls back enforcement under President Trump.
- The CFTC has simultaneously sought to greatly expand its purview to include crypto and prediction markets.
The CFTC announced Monday that its enforcement division, which has endured heavy cuts in the last year, will be led by a white-collar defense attorney with extensive experience representing crypto industry clients.
The attorney, David Miller, was most recently a litigation partner at multinational law firm Greenberg Traurig, where he represented crypto-focused clients on matters related to commodities and securities regulation.
Miller previously served as a federal prosecutor in the Southern District of New York, and, before that, as a CIA lawyer. He was also a consultant on the Wall Street-focused television drama Billions.
“[Miller has] a proven track record of defending market participants against the novel legal theories of overzealous regulators and plaintiffs,” CFTC chair Mike Selig said Monday in a statement. “He will play a critical role in ensuring the division is focused on its core purpose of policing fraud, abuse, and manipulation rather than setting policy.”
Since President Donald Trump’s return to power, the CFTC has hemorrhaged staff, particularly in its enforcement division. The agency’s flagship Chicago office, for instance, which once boasted a team of 20 enforcement attorneys, employed zero as of February 10.
Those cuts have also come at the same time the once-obscure CFTC has sought to dramatically expand its purview, by taking over regulation of the sprawling crypto market—and also the booming, controversial prediction market sector.
In a statement Monday, Miller emphasized he intends to not only “foster innovation,” but also protect “the integrity of U.S. markets, including from fraud, abuse, and manipulation.”
Since the beginning of Trump’s second term, however, the scope and scale of the CFTC’s enforcement actions has declined precipitously.
In fiscal year 2024, for instance, the CFTC secured $17.1 billion in monetary relief on behalf of investors. That figure plummeted in 2025 by over 99.9%, to just $9.2 million.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
The Senate Banking Committee will move the “CLARITY Act” off the agenda for the week of April 20.
The CLARITY Act was not included in the April 20 agenda for consideration by Tim Scott, Chairman of the Senate Banking Committee. Senator Tom Tillis is set to release the latest draft, which includes compromise provisions related to stablecoin yield rates. Coinbase has switched to support, while the banking group still opposes the measure. The bill must pass multiple steps before it can become law.
MarketWhisper1h ago
Bank of England governor warns: Global stablecoin standards are lagging, calls for a unified regulatory framework
Bank of England Governor Andrew Bailey said at an IIF event that the effective functioning of stablecoins depends on users’ confidence in full redemption mechanisms, calling for the development of international standards. The United States has meanwhile released the GENIUS Act, requiring stablecoin issuers to meet compliance requirements. In South Korea, Circle’s CEO said there are no plans to launch a won-pegged stablecoin, and that the company is currently watching local legislative debates.
MarketWhisper1h ago
Cato Institute Recommends U.S. Eliminate Capital Gains Tax on Cryptocurrencies to Promote Monetary Competition
The Cato Institute urges the U.S. to abolish capital gains taxes on cryptocurrencies to simplify tax filing and enhance monetary competition. This move aims to encourage cryptocurrency use in transactions by lessening tax-related complexities.
GateNews2h ago
Senator Warren Presses Musk on X Money Risks, Citing Stablecoin Concerns and Regulatory Gaps
Senator Elizabeth Warren has asked Elon Musk for details on X Money, a payments feature for X, raising concerns about stablecoin risks, regulatory issues, financial stability, and data privacy, with a response due by April 21, 2026.
GateNews2h ago
South Korea’s Ministry of Economy and Finance announces a pilot for a “Blockchain Treasury,” launching in Sejong City in the fourth quarter
On April 16, the Ministry of Economy and Finance of South Korea announced that the “pilot project to use blockchain digital currency to execute treasury funds” has been selected as the regulatory sandbox program hosted by the National Affairs Coordination Office for 2026. According to the Ministry of Economy and Finance’s notice, the pilot program allows government agencies to use blockchain “deposit tokens” to execute part of their commercial promotion expenses, replacing the current government procurement card. The plan is to prioritize launching in Sejong City in the fourth quarter of 2026, and expand the scope afterward based on an assessment of the results.
MarketWhisper2h ago
