US President Donald Trump is reportedly planning to nominate Michael Selig as the new chair of the Commodity Futures Trading Commission (CFTC), following the withdrawal of Brian Quintenz’s nomination. Bloomberg reported this development, citing an unnamed Trump administration official; however, no official announcement had been made at the time of writing.

Currently, Selig is the chief counsel of the SEC’s crypto task force and serves as a senior adviser to SEC Chair Paul Atkins. He has been termed “pro-crypto” by several crypto analysts and influencers who are optimistic about his prospective nomination.

Michael Selig Michael Selig. Source: PLI

The nomination process stalled in September after Quintenz faced opposition from the co-founders of the crypto exchange Gemini, Tyler and Cameron Winklevoss. Trump eventually withdrew the nomination, with Quintenz stating he would return to the private sector.

Since 2024, Trump has considered giving the CFTC oversight over cryptocurrencies, which would align the agency’s regulatory functions with the SEC under the Working Group on Digital Assets’ policy recommendations outlined in a July report.

SEC and CFTC Collaboration on Crypto Policy

The Working Group proposed that the CFTC should oversee the spot crypto markets, categorizing most cryptocurrencies as commodities, while other crypto assets such as tokenized bonds and stocks would remain regulated by the SEC.

Both agencies issued a joint statement in September aimed at “harmonizing” their regulatory efforts, a move seen as essential for providing clarity to the crypto industry in the US.

Furthermore, CFTC officials revealed a “crypto sprint” initiative to expedite policy recommendations from the White House’s Working Group on Digital Assets.

Joint efforts have spawned rumors about a potential merger of the two agencies, which Chair Paul Atkins has denied, asserting that only the US president or Congress could enable such a merger.