Emphasizing an end to “regulation by enforcement,” the agency will focus on market integrity and fraud offenses and partner with registered exchanges and other authorities.
By Douglas K. Yatter, Catherine Young, and John Federico
On March 31, 2026, David I. Miller, the newly appointed Director of Enforcement at the Commodity Futures Trading Commission (CFTC), delivered remarks at NYU School of Law outlining the Division of Enforcement’s priorities under CFTC Chairman Michael Selig’s leadership.
Noting that “[t]he era of regulation by enforcement is over,” Director Miller outlined five key areas of focus for the Division of Enforcement: (1) insider trading; (2) market manipulation; (3) disruptive trading; (4) retail fraud; and (5) willful anti-money laundering and know-your-customer violations. According to Director Miller, each of these five areas “reflects our core mission: protecting market integrity by targeting fraud, abuse, and manipulation.” He added that the Division of Enforcement is “committed to addressing these priority areas” and “will be hiring additional staff” to help do so.
Director Miller also described how the Commodity Exchange Act and CFTC regulations prohibit insider trading — misappropriation of confidential information — in CFTC-regulated markets, including prediction markets. He emphasized that insider trading in prediction markets will be investigated and, when appropriate, pursued for enforcement.
Finally, the Director’s remarks previewed that the Division of Enforcement will soon replace its February 2025 guidance with a new advisory on self-reporting and cooperation, in an effort to provide greater clarity and incentives to come forward with information about misconduct.
This Client Alert analyzes Director Miller’s announcements on the evolution of the agency’s approach, as well as what they mean for industry participants.
