Key facts
- David Miller has been appointed as the new director of enforcement at the Commodity Futures Trading Commission (CFTC).
- Miller stated his intention to move away from the practice of "regulation by enforcement."
- He indicated that the era of "trying to exact a tax on an industry through various types of regulatory action is done."
David Miller, the newly appointed director of enforcement at the Commodity Futures Trading Commission (CFTC), has signaled a significant shift in the agency's operational philosophy. In an interview with Risk.net, Miller explicitly stated his intention to move away from what he termed "the era of regulation by enforcement." He emphasized that the approach of "trying to exact a tax on an industry through various types of regulatory action is done." This suggests a potential recalibration of how the CFTC will pursue enforcement actions moving forward, moving from a punitive model to potentially a more collaborative or rule-based approach.