The U.S. commodities regulator has appointed a new leader. Michael Selig was sworn in as the Chair of the Commodity Futures Trading Commission (CFTC) as Caroline Pham stepped down after nearly a year in the role.

Pham, who had been acting chair since January, commented that it would be her last day at the agency.

The CFTC confirmed Selig’s appointment following his nomination by President Donald Trump on October 27 and subsequent Senate approval on Thursday. Selig is anticipated to adopt a supportive stance towards crypto, having previously worked as the chief counsel for the SEC’s Crypto Task Force.

Selig’s term is set to last until April 2029. He has expressed intentions to foster the growth of innovative technologies such as crypto, steering clear of a regulation-oriented approach focused on enforcement.

“We are at a unique moment as various new technologies and platforms emerge, with retail participation in commodity markets reaching unprecedented levels, and Congress likely to pass legislation on digital asset market structures, establishing the U.S. as the Crypto Capital of the World,” Selig remarked.

Following her departure, Pham will transition to a role in the crypto fintech sector at MoonPay. In her farewell statement, she noted that the CFTC had shifted focus towards encouraging innovation and fair competition while preparing to oversee new markets and digital assets.

Pham expressed her excitement to welcome Selig, describing him as pragmatic and balanced in his approach to leadership at the CFTC.