The Commodity Futures Trading Commission (CFTC) announced on Monday the appointment of David Miller, a white-collar defense attorney with extensive experience representing cryptocurrency clients, to lead its enforcement division. This move comes as the division has undergone significant staff reductions and the agency seeks to dramatically expand its regulatory purview to include the crypto and prediction markets.
Miller was most recently a litigation partner at the multinational law firm Greenberg Traurig, where he focused on commodities, securities, and digital assets regulation for crypto-focused clients. His background also includes nearly a decade as an assistant U.S. attorney in the Southern District of New York, service as a Department of Justice terrorism prosecutor, and prior work as a CIA lawyer.
CFTC Chair Mike Selig, in a statement, highlighted Miller's "proven track record of defending market participants against the novel legal theories of overzealous regulators and plaintiffs." Selig emphasized that Miller's role will be to ensure the division focuses on its core mission of "policing fraud, abuse, and manipulation rather than setting policy." Miller echoed this sentiment, stating his intent to foster innovation while protecting "the integrity of U.S. markets."
The appointment occurs against a backdrop of severe staff cuts within the CFTC, particularly in enforcement, following President Donald Trump's return to office. A notable example is the agency's flagship Chicago office, which once had a team of 20 enforcement attorneys but reportedly had zero as of February 10. Concurrently, the scale of the CFTC's enforcement actions has plummeted. In fiscal year 2024, the agency secured $17.1 billion in monetary relief for investors, a figure that collapsed by over 99.9% to just $9.2 million in 2025.
This enforcement pullback is part of a broader regulatory shift. Both the CFTC and the Securities and Exchange Commission (SEC) are viewed as more industry-friendly under the current administration compared to the prior one. A report from Cornerstone Research found SEC enforcement actions were down 30% overall in 2025, with crypto-specific cases dropping by 60%.
Despite shrinking resources, the CFTC is actively seeking a larger role. Lawmakers are considering bills to grant the agency broader jurisdiction over digital assets and the burgeoning prediction market sector, placing greater expectations on its enforcement capabilities.
