US President Donald Trump is said to be considering Michael Selig as the next chair of the Commodity Futures Trading Commission (CFTC), following the withdrawal of Brian Quintenz’s nomination in September.

According to a report by Bloomberg, which cites an unnamed official from the Trump administration, no formal announcement has yet been made.

Selig currently holds the position of chief counsel and senior advisor to SEC Chair Paul Atkins at the Securities and Exchange Commission’s crypto task force. He is regarded as “pro-crypto” by various analysts and influencers in the digital currency sphere, who have celebrated the possibility of his nomination.

Michael Selig Michael Selig. Source: PLI

The nomination process for CFTC came to a halt last month after pressure from the co-founders of the Gemini crypto exchange, Tyler and Cameron Winklevoss, led to Quintenz’s withdrawal. He has since indicated that he plans to return to the private sector.

As of 2024, Trump has been contemplating giving the CFTC oversight over the cryptocurrency market, which would work alongside the SEC as outlined in the government’s “Working Group on Digital Assets” policy recommendations from a report earlier this year.

SEC and CFTC Collaboration on Crypto Guidelines

The Working Group has suggested that the CFTC take charge of the spot cryptocurrency markets while categorizing the majority of cryptocurrencies as commodities.

Conversely, any crypto assets treated as securities, including tokenized stocks and bonds, would remain the responsibility of the SEC.

In September, the CFTC and SEC made a joint statement aimed at “harmonizing” regulations between the two entities, an initiative that legal experts believe could provide vital clarity for the U.S. crypto market.

The CFTC has also initiated a “crypto sprint” earlier this year to advance the recommendations from the Working Group on Digital Assets.

Rumors have arisen regarding a possible merger of the SEC and CFTC into a single regulatory body, although Atkins has publicly denied these claims, stating that such a merger would require congressional approval.