- President Trump has nominated Michael Selig, the CFTC’s crypto task force chief counsel, as the agency’s new chair, signalling continued pro-crypto policy momentum.
- The appointment follows the withdrawal of Trump’s earlier pick, Brian Quintenz, after objections linked to Gemini co-founder Tyler Winklevoss.
- If confirmed, Selig will oversee the CFTC’s growing role in digital asset regulation as Congress weighs giving it direct oversight of the US$4 trillion (AU$6.12 trillion) crypto market.
US President Donald Trump has nominated Michael Selig, chief counsel for the Commodity Futures Trading Commission’s (CFTC) crypto task force, to serve as the agency’s next chair, reinforcing the administration’s commitment to advancing crypto-friendly regulation.
The announcement was confirmed by both Selig and White House AI and crypto czar David Sacks on X. Sacks called the decision an “excellent choice” and commended Selig’s understanding of financial markets and dedication to updating regulatory frameworks to maintain the US’s competitive edge in digital finance.
Selig, who previously served as a partner at law firm Willkie Farr & Gallagher, said he intends to “promote Freedom, Competition and Innovation” while helping to position the US as “the Crypto Capital of the World”. He has also advised Securities and Exchange Commission (SEC) Chair Paul Atkins and worked under former CFTC Chairman Chris Giancarlo, gaining experience across both commodities and crypto markets.
Trump’s previous nominee for the CFTC, Brian Quintenz, was withdrawn after objections reportedly tied to Gemini co-founder Tyler Winklevoss. Following the withdrawal, Quintenz accused Winklevoss of attempting to interfere with his nomination process through private messages.
Related: US Commodities Regulator Mulling Enforcement Action Against Co-Founder of Bankrupt Crypto Lender Voyager: Report
The Road Ahead
The CFTC, currently under Acting Chair Caroline Pham, will undergo a leadership transition once Selig’s appointment is confirmed. Pham described Selig as “the right leader for this pivotal moment for innovation and market structure”.
Selig’s nomination comes as the CFTC readies for greater responsibility over digital assets, with Congress considering legislation granting the agency direct authority over cryptocurrencies such as Bitcoin and Ethereum, a market estimated at nearly US$4 trillion (AU$6.12 trillion).
Related: Bitcoin Rallies Past $118k Mark, is it Time for Uptober?
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