The CFTC appointed David Miller, a former defense attorney for crypto clients, to lead its enforcement division amid a more than 99.9% drop in reimbursements to $9.2 million in 2025.
The U.S. Commodity Futures Trading Commission (CFTC) announced the appointment of David Miller, a former litigation partner at the multinational law firm Greenberg Traurig, as head of its enforcement division.
Miller has a distinguished professional record, having served as a federal prosecutor in the Southern District of New York, a CIA lawyer, and more recently, representing crypto clients on commodity and securities regulatory issues. This combination of defense experience and expertise in the digital asset market makes him a good fit for the agency's new direction under President Trump.
CFTC Chairman Mike Selig emphasized that Miller would ensure the division focuses on its core objective of addressing fraud, abuse, and market manipulation, rather than “setting policy,” a veiled criticism of the previous administration’s approach. Miller himself also pledged to protect the integrity of the U.S. market while simultaneously promoting innovation.
Enforcement is declining, ambitions for expanded authority are growing.
The most striking paradox in the current CFTC landscape is the contrast between its ambition to expand its jurisdiction and its rapidly shrinking enforcement capacity. Since the start of President Trump's second term, the agency has undergone extensive staff cuts, particularly in its enforcement division.
The Chicago office, which once had a team of 20 enforcement attorneys, had no attorneys left as of February 10th. The consequences are clear: in fiscal year 2024, the CFTC achieved $17.1 billion in financial compensation for investors, a figure that collapsed by more than 99.9% to just $9.2 million in 2025.
Meanwhile, the CFTC is seeking to take over the Vai of regulating both the large-scale cryptocurrency market and the rapidly growing prediction market sector, placing the agency in a position where it needs to expand its oversight scope at a time when its enforcement capacity is eroding.
The appointment of a defense attorney to lead the enforcement division clearly reflects a shift in the CFTC's management philosophy under the new administration, prioritizing industry-friendly approaches over deterrence, during what is considered a crucial period for the future of digital asset management in the US.
