CFTC Chairmanship: Trump Taps SEC’s Michael Selig For Top Role – Details
US President Donald Trump has chosen Michael Selig to steer the Commodity Futures Trading Commission (CFTC) in a significant improvement on Friday. This transfer provides to the lengthy checklist of optimistic actions by the Trump administration focused at offering regulatory readability for the crypto trade.
Pro-Crypto Selig Gets Nod For CFTC Leadership
On Friday, Bloomberg reported that the White House is ready to call Michael Selig the brand new Chairman of the CFTC. Selig is predicted to take management from Caroline D. Pharm, who has been serving as appearing Chairman since January 2025.
Selig is a lawyer by occupation and gained prominence working as a companion specializing in crypto at Willkie Farr and Gallagher LLP. The incoming CFTC boss has additionally beforehand labored as a clerk for former CFTC commissioner and chairman Chris Giancarlo. Presently, Selig serves as chief counsel to the crypto activity pressure of the US Securities and Exchange Commission (SEC) and likewise a Senior Adviser to SEC Chairman Paul Atkins.
Apparently, Trump had beforehand settled on Brian Quintez, a former CFTC commissioner and current coverage head at a16z crypto. However, opposition from Gemini’s Tyler Winklevoss, who cited a battle of curiosity, resulted in a change of route.
Selig’s nomination has now been submitted to the US Senate. If accepted, he’ll assume management of the CFTC at a pivotal second, as regulators and legislators work to form a federal regulatory framework for the cryptocurrency trade. Selig’s tenure should preserve give attention to the problem of bridging regulatory approaches between the SEC and CFTC, aiming to ascertain clearer oversight for each conventional monetary markets and digital belongings.
Trump Keeps Up The Pressure On Crypto Reform
With Selig’s appointment as the brand new CFTC Chairman, Trump takes one other step in demonstrating his dedication to the crypto trade, fulfilling one in every of his key marketing campaign guarantees in making America the crypto capital of the world.
The ongoing regulatory shake-up, which incorporates Selig’s nomination and the sooner appointment of SEC Chair Paul Atkins, has ushered in initiatives such because the SEC’s Project Crypto and the CFTC’s Crypto Sprint, each aligned with the White House’s broader digital asset agenda.
Meanwhile, legislative progress continues with the latest approval of the GENIUS Act, geared toward regulating the stablecoin sector, whereas different pivotal proposals, together with the CLARITY Act, stay below congressional consideration.
At press time, the overall crypto market cap is valued at $3.74 trillion after a 0.15% acquire up to now day. Meanwhile, whole buying and selling quantity is down by 15.06% and valued at $130.06 billion.
