President Donald Trump has named his new selection to guide the U.S. Commodity Futures Buying and selling Fee, formally backing Securities and Trade Fee lawyer Mike Selig after jettisoning his one-time choose of former CFTC Commissioner Brian Quintenz.
The near-term management of the Commodity Futures Buying and selling Fee may very well be a weighty matter for the crypto trade because the company is contemplated by present legislative efforts in Congress as a number one regulator of digital belongings transactions. If Selig is confirmed by the Senate — a hurdle Quintenz did not handle to clear — he’ll seemingly be shaping the implementation of latest U.S. crypto insurance policies.
White Home Crypto Czar David Sacks confirmed that Selig, lengthy rumored to be Trump’s best choice, can be given the nod early Saturday.
“Mike has not solely been instrumental in driving ahead the President’s crypto agenda as Chief Counsel of the SEC Crypto Job Drive, he additionally brings deep expertise in conventional commodities markets from his time working on the CFTC underneath former Chairman Chris Giancarlo,” Sacks stated in a submit on X.
Selig has been serving as a senior official on the SEC’s crypto effort, so he can be intimately acquainted with the trade’s desires relating to a complete U.S. regulatory regime. CoinDesk reported in early October that Selig had grow to be the frontrunner for the position.
Selig stated he was “honored” to be nominated in a submit on X.
“I pledge to work tirelessly to facilitate Properly-Functioning Commodity Markets, promote Freedom, Competitors and Innovation, and assist the President make the USA the Crypto Capital of the World,” he stated.
“Mike’s deep experience in monetary markets and digital belongings on the SEC makes him exceptionally properly positioned to convey readability, stability, and forward-looking steering to the fee’s work,” stated Blockchain Affiliation CEO Summer season Mersinger, herself a current commissioner on the CFTC.
The CFTC has lengthy been engaged with the U.S. crypto trade, and for years throughout SEC Chair Gary Gensler’s tenure it was thought of the friendlier of the 2 markets regulators. In 2015, the CFTC gave bitcoin a nod as a commodity, and in 2017 granted the institution of crypto futures. Lately, a lot of outstanding ex-CFTC officers have joined the crypto sector as board members, advisers and executives, together with Quintenz and former chairman J. Christopher Giancarlo.
If Congress provides the CFTC hands-on authority over spot buying and selling in crypto commodities corresponding to bitcoin and Ethereum’s ether , that can characterize the huge bulk of digital belongings transactions. To this point, the U.S. Home of Representatives has handed laws that might achieve this, the Digital Asset Market Readability Act, however the Senate continues to be working by means of its personal model, which is not anticipated to return earlier than the tip of the 12 months.
In the meantime, the SEC’s crypto efforts during which Selig has performed a component have accelerated underneath Chairman Paul Atkins, who declared that trade regulation is the company’s prime precedence. Below Performing Chairman Caroline Pham, the CFTC has sought to maintain tempo along with her “crypto dash.”
Pham has been in search of to go away her fee submit, a departure that was delayed when Trump’s White Home paused Quintenz’s affirmation, which was overtly opposed by Gemini CEO Tyler Winklevoss. Although the remainder of the trade despatched a letter to Trump strongly in favor of shortly getting former az16 Crypto govt Quintenz into the job, the lobbying fell quick.
Now the trade is shifting towards the brand new nominee, Selig.
“He understands the tech and the necessity to enable room for innovation, but additionally cares about attending to the appropriate authorized reply,” famous Amanda Tuminelli, govt director of the DeFi Training Fund, in a press release.
“Selig’s deep regulatory expertise and knowledgeable strategy to monetary innovation make him the appropriate selection to guide the CFTC at this pivotal second,” stated Ji Kim, the CEO of the Crypto Council for Innovation, in a press release.
UPDATE (Oct. 25, 2025, 21:12 UTC): Provides Selig tweet.
