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Trump Poised to Nominate Michael Selig as Next CFTC Chair: Bloomberg

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US President Donald Trump is getting ready to nominate Michael Selig as the subsequent chair of the Commodity Futures Trading Commission (CFTC), in accordance to a report by Bloomberg, which cited an unnamed administration official.

Key Takeaways:

  • President Trump is predicted to nominate Michael Selig as the subsequent CFTC chair, in accordance to Bloomberg.
  • Selig’s appointment aligns with Trump’s plan to increase CFTC oversight of spot crypto markets.
  • If confirmed, Selig may assist strengthen regulatory readability and cooperation between the CFTC and SEC.

The transfer follows Trump’s determination to withdraw the earlier nomination of Brian Quintenz, whose candidacy confronted mounting political and trade stress.

Pro-Crypto SEC Counsel Michael Selig Seen as Positive Pick for CFTC Chair

Selig presently serves as chief counsel of the SEC’s crypto job power and as senior adviser to SEC Chair Paul Atkins.

Known for his pragmatic method to digital belongings, Selig has been described by analysts as “pro-crypto,” with many within the trade welcoming the potential appointment as a optimistic sign for market innovation and regulatory readability.

The CFTC nomination course of was stalled in September after Quintenz reportedly faced opposition from several figures within the crypto sector, together with Tyler and Cameron Winklevoss, co-founders of the Gemini trade.

Quintenz has since confirmed he will return to the personal sector.

Trump’s anticipated nomination of Selig suits inside his broader plan to increase CFTC oversight of crypto markets, a coverage outlined within the White House Working Group on Digital Assets report launched in July.

The framework proposes that the CFTC regulate spot crypto markets and classify most cryptocurrencies as commodities, whereas the SEC retains jurisdiction over safety tokens such as tokenized bonds and equities.

In September, the SEC and CFTC issued a joint assertion pledging to “harmonize” regulatory efforts, a step that legal professionals and trade leaders have hailed as essential for compliance consistency.

The CFTC additionally launched a “crypto dash” initiative in August to speed up the implementation of digital asset insurance policies.

Despite rumors that the businesses would possibly merge right into a single regulator, Atkins dismissed such hypothesis, clarifying that solely the US president or Congress has the authority to provoke such a merger.

If confirmed, Selig’s appointment may mark a pivotal shift towards clearer crypto regulation, probably solidifying the CFTC’s position on the heart of America’s evolving digital asset framework.

CFTC’s Caroline Pham Declares End to Regulatory “Turf War” With SEC

In September, CFTC Commissioner Caroline Pham declared an official end to the long-standing “turf conflict” between the CFTC and the SEC over crypto and monetary market oversight.

Speaking at a joint SEC-CFTC roundtable on Monday, Pham described the collaboration as a “new day,” marking a historic shift towards unified regulatory efforts.

The occasion, held on September 29, introduced collectively key trade figures together with Polymarket’s Shayne Coplan, Kraken co-CEO Arjun Sethi, and Kalshi co-founder Tarek Mansour, who mentioned the subsequent section of regulatory harmonization between the 2 businesses.

Pham emphasised the necessity for cooperation to improve market effectivity and innovation.

“Our monetary markets gas America’s progress,” Pham mentioned, including that regulators should work collectively to remove friction that hampers financial potential.

“By working collectively, we will carry actual worth to our markets and to the American folks.”

The submit Trump Poised to Nominate Michael Selig as Next CFTC Chair: Bloomberg appeared first on Cryptonews.

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