Trump Selects Michael Selig for CFTC Chair

President Trump reportedly tapped Michael Selig to be the CFTC’s subsequent Chair. The earlier nominee, Brian Quintenz, was not too long ago dropped after stress from the Winklevoss twins.

Selig has been an SEC worker and aide to Paul Atkins, so he might steer the 2 Commissions in the direction of nearer collaboration. However, it’s arduous to make any additional predictions about his concepts on coverage.

Selig for CFTC Chair

In latest months, issues have been fairly chaotic on the CFTC. One of the US’s prime monetary regulators has been reduced to one Commissioner, with outgoing members warning of a “financial Wild West.”

Meanwhile, the Acting Chair has been unilaterally taking unprecedented actions. To assist resolve this example, President Trump has allegedly tapped Michael Selig to be the subsequent Chair of the CFTC.

Before the Selig decide, Trump had chosen Brian Quintenz to be the CFTC’s subsequent Chair.

However, the Winklevoss twins strenuously opposed this appointment, and regardless that many industry leaders supported Quintenz, Trump withdrew the nomination earlier this month. Now, the method is beginning over once more.

A Dark Horse Candidate

So, assuming that Selig really will get confirmed, what sort of coverage might he set up on the CFTC? He’s at present an SEC worker, working as its chief counsel and aide to Chair Paul Atkins.

This private relationship might assist be certain that the 2 regulators maximize their crypto collaboration sooner or later, which each businesses have been trying.

Other than that, nonetheless, we are able to solely make educated guesses. Although reporters identified a few likely candidates for the subsequent CFTC Chair, Michael Selig wasn’t on anybody’s radar.

However, contemplating that the Winklevosses prefer a weakened regulator to an empowered crypto ally, his choice would possibly align with their long-term objectives.

Ultimately, although, it was President Trump’s determination, and it’s inconceivable to say what the deciding issue was. Either method, Selig might want to undergo a full affirmation course of earlier than becoming a member of the CFTC, and this might take months.

Hopefully, the interim will give us loads of alternatives to be taught his strategy to crypto regulation.

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