US President Donald Trump is considering Michael Selig for nomination as the next chair of the Commodity Futures Trading Commission (CFTC), succeeding Brian Quintenz, who withdrew his candidacy.
On Friday, Bloomberg reported this development referencing a source from the Trump administration, although no formal announcement was issued at the time of writing.
Currently, Selig is the chief counsel for the Securities and Exchange Commission’s crypto task force and a senior adviser to SEC Chair Paul Atkins. He is recognized by certain analysts and influencers in the crypto industry as being supportive of crypto initiatives.
Michael Selig
The CFTC’s nomination process faced delays in September when Brian Quintenz’s nomination was impacted by pressure from Gemini’s co-founders, Tyler and Cameron Winklevoss, which led to Trump’s eventual decision to withdraw Quintenz’s nomination, with the implication that he would return to the private sector.
Since 2024, Trump has been considering giving the CFTC authority over crypto, intending for it to collaborate with the SEC in overseeing digital assets, as detailed in the Working Group on Digital Assets policy recommendations released in July.
Related: Crypto industry groups weigh in on CFTC’s future after key withdrawal
SEC and CFTC Collaborate on Crypto Policy
The Working Group has advised that the CFTC should take charge of spot crypto market regulations while most cryptocurrencies will be categorized as commodities. In contrast, other crypto assets that resemble securities will continue to be regulated by the SEC.
In a joint statement issued in September, both agencies discussed plans aimed at harmonizing their regulatory approaches towards the crypto sector, which lawyers consider essential for providing much-needed clarity within the US cryptocurrency landscape.
In August, CFTC officials also announced a ‘crypto sprint’ to implement the policy recommendations from the White House’s Working Group on Digital Assets.
There have also been speculations regarding a potential merger of CFTC and SEC into a unified regulatory body, although Chair Atkins clarified that only the presidency or Congress has the authority to enact such a merger.
