CFTC reorganizes its enforcement division to refocus on fraud and stop enforcement

Odaily News New CFTC acting chair Caroline Pham said on Tuesday the regulator has reorganized its enforcement division to “refocus” on fraud and “stop policing through enforcement.”
Under former Chairman Rostin Behnam, the CFTC Enforcement Division had several working groups, including one focused on insider trading, another on cybersecurity and emerging technologies and a third aimed at combating environmental fraud. The new reorganization reduces the number of working groups to just two.
The newly created Complex Fraud Task Force will handle enforcement work on complex fraud and manipulation across all asset classes, from initial investigations to prosecution. Deputy Director of Enforcement Paul Hayeck will serve as acting head of the Complex Fraud Task Force. The Retail Fraud and General Enforcement Task Force will handle retail fraud and general enforcement work and will be led by Deputy Director of Enforcement Charles Marvine.
“This streamlined structure will be less regulatory and more efficient,” Pham said in a press statement. “These much-needed changes will maximize the CFTC’s resources and allow it to take more action to go after fraudsters and other bad actors, rather than punishing good citizens.”
According to the CFTC announcement, the new structure will “more effectively leverage the CFTC’s resources to prevent fraud, manipulation, and abuse and ensure market integrity,” as well as “strengthen governance and oversight of enforcement matters to prevent overreach and enhance consistency, fairness, and due process.” (CoinDesk)