Pro-Crypto Michael Selig Takes CFTC Helm as Caroline Pham Exits Agency
Michael Selig was sworn in Sunday as the sixteenth chairman of the Commodity Futures Trading Commission, taking management of the derivatives regulator as appearing chair Caroline Pham departed after almost 4 years on the company.
Pham’s exit concludes a tenure marked by aggressive pro-crypto initiatives and regulatory modernization efforts that reshaped the CFTC’s method to digital asset oversight.
Selig, confirmed by the Senate on December 18, arrives on the CFTC after serving as chief counsel of the Securities and Exchange Commission’s Crypto Task Force and senior advisor to SEC Chairman Paul Atkins.
His appointment positions him to guide the company by way of what he described as “a novel second” of technological transformation and potential congressional motion on digital asset laws.
Pham’s Digital Asset Legacy Reshapes CFTC Operations
Pham’s ultimate yr as appearing chair delivered a number of regulatory breakthroughs for crypto markets.
She launched the CFTC’s Crypto Sprint in January, implementing suggestions from the President’s Working Group on Digital Asset Markets and attaining milestones, together with spot crypto trading on CFTC-registered futures exchanges and a digital asset markets pilot program that enables Bitcoin, Ether, and USDC as collateral.
“It has been the dignity of a lifetime to guide the CFTC throughout such a historic second for market construction and innovation,” Pham stated in her departure assertion.
“I’m extremely pleased with the CFTC and all its devoted employees for his or her arduous work and dedication this yr to ship on our pledge to get again to fundamentals and common order.“
Her modernization drive prolonged past crypto coverage. According to CFTC, the company deployed its first automated market surveillance system, saving almost $50 million in annualized prices, whereas restructuring operations to maximise effectivity.
Regulatory aid measures unlocked tens of billions in capital for market contributors and launched pilot applications concentrating on vitality market liquidity.
Most just lately, Pham also granted no-action relief to four prediction market operators, Polymarket US, LedgerX, PredictIt, and Gemini Titan, easing enforcement stress whereas requiring full collateralization and transaction transparency.
The transfer got here throughout a surge in prediction market exercise, with giants like Coinbase and Robinhood already making ready to enter the market.
Selig Pledges Innovation Focus as Agency Expands Oversight
Selig positioned his chairmanship as the beginning of a brand new chapter for the CFTC, emphasizing the company’s function in establishing regulatory frameworks for rising applied sciences and merchandise.
“Today begins a brand new chapter for the CFTC,” Selig stated following his swearing-in.
“We are at a novel second as a variety of novel applied sciences, merchandise, and platforms are rising, retail participation within the commodity markets is at an all-time high, and Congress is poised to ship digital asset market construction laws to the President’s desk.“
His personal sector background contains partnership at a global legislation agency centered on derivatives and securities issues, representing industrial finish customers, futures fee retailers, commodity buying and selling advisors, swap sellers, and digital asset corporations.
That expertise navigating CFTC compliance necessities positions him to deal with regulatory challenges going through platforms in search of clear steering on registration functions, enforcement issues, and complicated transactions.
Selig’s SEC function concerned creating regulatory frameworks for digital asset securities markets and harmonizing oversight between the SEC and the CFTC.
He contributed to the President’s Working Group report on “Strengthening American Leadership in Digital Financial Technology,” signaling continuity with Pham’s digital asset agenda.
“Under my management, the CFTC will conquer these nice frontiers and make sure that the improvements of tomorrow are Made in America,” Selig stated, pledging to supervise “the soundness and safety of America’s commodity derivatives markets throughout this era of speedy transformation.“
Pham Joins MoonPay
Pham is joining MoonPay as chief authorized officer and chief administrative officer, heading authorized and coverage capabilities as the funds platform expands its enterprise stablecoin enterprise.
Her departure follows former CFTC commissioner Summer Mersinger’s transfer to the Blockchain Association and Bo Hines becoming a member of Tether after serving as White House Crypto Council government director.
“I’m thrilled to welcome Michael Selig as the sixteenth Chairman of the CFTC,” Pham wrote on X. “His pragmatic, widespread sense method will make sure the CFTC strikes the correct stability of innovation and market integrity.“
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