CFTC Chairman Selig Announces David I. Miller as Director of Enforcement

The CFTC announced a leadership change that could matter for precious metals derivatives oversight: Chairman Michael S. Selig appointed former federal prosecutor David I. Miller as Director of Enforcement (effective immediately per the March 2, 2026 release). The Chairman framed the Enforcement Division’s mandate as prioritizing “policing fraud, abuse, and manipulation rather than setting policy,” a signal on enforcement posture that is relevant for COMEX gold/silver market conduct, spoofing/market manipulation investigations, and large-trader compliance scrutiny. Selig highlighted continuity and capability within enforcement by thanking Paul Hayeck (acting director since June 2025), who will remain as chief of the Complex Fraud Task Force focused on “fraud, market manipulation, and abusive trading practices.” Miller’s background is heavily aligned with securities/commodities fraud: five years as an Assistant U.S. Attorney in SDNY (including the Securities and Commodities Fraud Task Force), prior DOJ roles, and extensive private-practice work in commodities/securities enforcement and investigations, including representing clients before the CFTC and SEC. Market implications are indirect but actionable for desk risk: heightened or refocused enforcement leadership can raise the cost of aggressive execution tactics (e.g., spoofing-type patterns), increase surveillance-driven inquiries, and affect compliance overhead for high-frequency/liquidity-provision strategies in gold and silver futures/options. Near-term catalysts would be any follow-on public statements from Miller on enforcement priorities, early case announcements, or shifts in CFTC cooperation with DOJ/SDNY—items that can influence sentiment around market integrity and the regulatory risk premium in U.S. precious metals derivatives.