On April 8, 2025, Acting Chairman Caroline D. Pham issued release 9063-25. This report describes a major reshaping of the Division of Enforcement at the Commodity Futures Trading Commission (CFTC). The release draws attention to the important role self-reporting and timely cooperation played in resolving noncompliance matters. Specifically, it aims to address consumer harm and market abuse, calling for clear and robust remediation. Acting Chairman Pham instructed CFTC staff to adhere to the Justice Department's policy on digital assets, as set forth in the Deputy Attorney General's memorandum, and to comply with President Trump's executive orders related to digital asset enforcement priorities.
Release 9063-25 also spotlights Acting Chairman Pham’s laudable undertaking to redirect the Division of Enforcement, a central part of the CFTC. Through self-reporting, cooperation, and remediation, the CFTC hopes to work through a list of noncompliance problems in a timely manner. This strategy aims to address issues rapidly where consumer harm or market manipulation are not at issue.
The statement directs CFTC staff to embrace the Department of Justice’s approach to digital assets. Perhaps most importantly, it directly references a recent DOJ memorandum addressing the industry. Acting Chairman Pham told the staff to implement President Trump’s executive orders. These orders provide direction for enforcement of digital assets regulations, as well as charging considerations.
Acting Chairman Pham particularly directed CFTC staff to refrain from bringing cases involving missed or late regulatory requirements. This directive includes all cases involving digital assets, including violations of registration requirements under the Commodity Exchange Act. This directive marks a movement away from a punitive enforcement approach and aims to promote compliance through collaboration in some instances.
