Former NY Prosecutor to Guard CFTC
2023.02.28 14:17
Former NY Prosecutor to Guard CFTC
By Ray Johnson
Budrigannews.com – According to a statement released on Tuesday, the U.S. Commodity Futures Trading Commission (CFTC) has appointed a former New York prosecutor with expertise in cryptocurrency and cybercrime to lead its enforcement unit.
Ian McGinley was the co-chief of the Manhattan U.S. Attorney’s Office’s complex frauds and cybercrime unit prior to joining Akin Gump Strauss Hauer & Feld in New York.
According to the statement, his appointment at the CFTC, which regulates swaps markets and virtual currencies like, demonstrates the agency’s focus on policing these markets amid “heightened stress and volatility” and new threats.
In light of a string of bankruptcies and high-profile charges against crypto players, including FTX founder and former chief executive officer Sam Bankman-Fried, the CFTC is a crucial agency overseeing digital assets.
In the statement, McGinley was referred to as a “leader in combating modern financial fraud” by CFTC Chairman Rostin Behnam.
Behnam stated, “His background as a prosecutor with unique experience in commodities, cryptocurrency, and cyber-crimes and frauds makes him the ideal person to lead the CFTC’s enforcement team.”
McGinley investigated and managed cases involving a $1 billion crypto Ponzi scheme, initial coin offering fraud, and pandemic-related fraud while working at the Justice Department.
Gretchen Lowe, an experienced CFTC official, will be replaced by McGinley, whose appointment takes effect immediately.
