Trump Nominee Mike Selig Likely To Be Prediction Market-Friendly As CFTC Head
Mike Selig, presently the SEC’s Chief Counsel of the Crypto Task Force, is President Trump’s new nominee to go the Commodity Futures Trading Commission.
The information comes after Trump formally withdrew Brian Quintenz’s identify from consideration on Sept. 30. The Senate Agriculture Committee cancelled a scheduled July 28 vote, at Trump’s request, to advance Quintenz’s nomination to the complete Senate.
While the crypto and monetary industries largely supported Quintenz, Tyler and Cameron Winklevoss raised issues to Trump that his nominee was not aligned with the administration’s pro-crypto agenda.
It doesn’t seem this will likely be a difficulty with the crypto-forward Selig.
“[Selig] is deeply educated about monetary markets and captivated with modernizing our regulatory method so as to preserve America’s competitiveness within the digital asset period,” White House A.I. & Crypto Czar David Sacks posted on X on Saturday.
“Mike has not solely been instrumental in driving ahead the President’s crypto agenda as Chief Counsel of the SEC Crypto Task Force, he additionally brings deep expertise in conventional commodities markets from his time working on the CFTC underneath former Chairman Chris Giancarlo.”
Mike Selig and prediction markets
While Selig’s stance on prediction markets has not but been made public or reported, the sensible cash says he’ll deal with the rising asset class favorably.
Prediction markets are dealing with mounting authorized challenges from states, who assert a few of the firms, Kalshi most notably, are working as unlawful sportsbooks of their jurisdictions. Sports accounts for 80-90% of buying and selling quantity on Kalshi.
In a social media post replete with buzzwords resonating in prediction market circles, Selig wrote, “With the President’s management, a Great Golden Age for America’s Financial Markets and a Wealth of New Opportunities stand earlier than us. I pledge to work tirelessly to facilitate Well-Functioning Commodity Markets, promote Freedom, Competition and Innovation, and assist the President make the United States the Crypto Capital of the World.”
John Wang, Kalshi’s Head of Crypto, is optimistic in regards to the potential new chief of the CFTC:
Trump, it appears, is firmly in prediction markets’ nook, and it’s unlikely he would carry a nominee to the desk who plans to impede their progress.
Every week earlier than the President’s inauguration, Kalshi introduced that Donald Trump Jr. had joined the corporate as a strategic advisor. In August, Polymarket introduced that 1789 Capital, Trump Jr.’s VC agency, made a strategic funding within the crypto-based change.
Beyond his son’s curiosity, President Trump’s affinity towards prediction markets additionally lies with the truth that, in distinction to polls, Kalshi and Polymarket priced Trump as the favourite to beat Kamala Harris within the 2024 Election.
Quintenz and Kalshi
The prospect of Quintenz main the CFTC boded nicely for Kalshi and different prediction markets. Quintenz gave no indication the company would limit the sorts of trades prediction markets can supply, together with sports activities occasion contracts. In reality, he stated, as head of the CFTC, he could be accountable for defending prediction markets towards authorized motion by states.
But, along with the notion that Quintenz would have been too conservative on crypto, his seat on Kalshi’s board of administrators additionally raised issues a few potential battle of curiosity.
While Quintenz promised to step down from the Kalshi board as soon as confirmed, Kevin Webb – who was set to be Quintenz’s chief of workers on the CFTC – requested a “briefing on confidential issues” with the company in June, The Closing Line reported. The emails despatched by Webb had been considered as too-close-for-comfort for a Kalshi board member and the company he was nominated to supervise.
We’ll be taught extra about Selig within the coming days, however studying the tea leaves, we count on a prediction market-friendly nomination.
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