On April 8, 2025, Acting CFTC Chairman Caroline D. Pham issued Release Number 9063-25 regarding the digital asset industry. The release favorably cites a recent DOJ memorandum on the digital asset industry, and it instructs the CFTC staff to comply with President Trump’s executive orders regarding digital assets enforcement priorities and charging considerations.

In particular, Acting Chairman Pham instructed the CFTC staff and the Director of Enforcement to adhere to the Justice Department’s policy on digital assets set forth in the Deputy Attorney General’s memorandum with respect to ongoing investigations, litigation including the agency’s litigating position and arguments, and other enforcement matters. To that end, she directed CFTC staff to not seek to charge regulatory violations in cases involving digital assets, including violations of registration requirements under the Commodity Exchange Act, unless there is evidence that the defendant knew of the licensing or registration requirement at issue and violated such a requirement willfully.

Release 9063-25 also highlights Acting Chairman Pham’s recent efforts to realign the Division of Enforcement; CFTC staff’s advisory to promote self-reporting, cooperation and remediation; and an initiative focused on resolving a backlog of noncompliance matters that do not involve customer harm or market abuse.