CFTC names David Miller as enforcement chief as the agency stresses policing over setting policy.
The Commodity Futures Trading Commission (CFTC) has appointed David Miller as its new Director of Enforcement.
In a public statement on 2 March, CFTC Chairman Michael Selig confirmed Miller will replace Paul Hayeck. Selig thanked the outgoing acting director, who was appointed in June 2025, for his service.
In his new role, Miller will oversee the CFTC’s investigations and litigation efforts across derivatives and digital asset markets, directing cases involving fraud, market manipulation, and abusive trading practices.
Hayeck will continue to serve the Commission as Chief of the Enforcement Division’s Complex Fraud Task Force, a role in which he will target high-priority cases and ensure the continued integrity of U.S. markets.
Selig praised Hayeck’s contributions, emphasising the continuity the task force provides in tackling fraud and abuse.
“I am very pleased he will continue serving the Commission as chief of the Enforcement Division’s Complex Fraud Task Force, rooting out bad actors who engage in fraud, market manipulation, and abusive trading practices,” said Selig.
The changing of the guard comes at an interesting moment for the CFTC, with the agency making a lot of leadership changes, including Selig himself taking over as chairman at the end of last year.
Additionally, the agency is preparing for a larger regulatory role as Congress considers several digital‑asset bills, including the CLARITY Act and as trading platforms continue to attract scrutiny.
“I am honored and thrilled to join the CFTC at this exciting and transformative time,” Miller said. “I am grateful for the trust and confidence that Chairman Selig has placed in me and thank him for appointing me to this critical role.”
Who’s David Miller?
Chairman Selig highlighted Miller’s decades of experience as a federal prosecutor and white-collar defense attorney, noting his “proven track record of defending market participants against the novel legal theories of overzealous regulators and plaintiffs.”
This track record is from Miller’s time as an assistant US attorney in the Southern District of New York, where he spent over five years on the Securities and Commodities Fraud Task Force, working closely with CFTC enforcement staff.
He also served as a terrorism prosecutor with the Department of Justice, a special assistant US attorney in the Eastern District of Virginia and as assistant general counsel for the CIA.
Miller later turned to private practice, serving as a litigation partner at Greenberg Traurig and Morgan Lewis. His work focused on white-collar defense, commodities and securities enforcement, government and internal investigations, digital asset regulation, and civil litigation.
“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,” said Selig.
However, this line between enforcement and policy was blurred last month when the CFTC reissued Staff Letter 25‑40 to allow futures commission merchants to accept payment stablecoins issued by national trust banks as margin collateral.
Hayeck’s bows out for now
During Hayeck’s short tenure, he focused on complex fraud investigations, market manipulation, and abusive trading practices.
Former Acting Chair Caroline Pham hired Hayeck, tasking the agency veteran with getting back to basics and focusing the division on preventing fraud, manipulation, and abuse.
“I want to thank Acting Chairman Pham for the opportunity to lead the Division as we get back to basics and focus our resources and abilities on our core mission to prevent fraud, manipulation, and abuse in our markets,” said Hayeck at the time.
This back-to-basics message contrasts with the role Miller is expected to play as the agency ramps up digital-asset enforcement.
