President Donald Trump has named his new choice to lead the U.S. Commodity Futures Trading Commission, formally backing Securities and Exchange Commission lawyer Mike Selig after jettisoning his one-time pick of former CFTC Commissioner Brian Quintenz.
The near-term leadership of the Commodity Futures Trading Commission could be a weighty matter for the crypto industry as the agency is contemplated by current legislative efforts in Congress as a leading regulator of digital assets transactions. If Selig is confirmed by the Senate — a hurdle Quintenz didn’t manage to clear — he’ll likely be shaping the implementation of new U.S. crypto policies.
White House Crypto Czar David Sacks confirmed that Selig, long rumored to be Trump’s top choice, would be given the nod early Saturday.
“Mike has not only been instrumental in driving forward the President’s crypto agenda as Chief Counsel of the SEC Crypto Task Force, he also brings deep experience in traditional commodities markets from his time working at the CFTC under former Chairman Chris Giancarlo,” Sacks said in a post on X.
Selig has been serving as a senior official on the SEC’s crypto effort, so he would be intimately familiar with the industry’s wants when it comes to a comprehensive U.S. regulatory regime. CoinDesk reported in early October that Selig had become the frontrunner for the role.
“Mike’s deep expertise in financial markets and digital assets at the SEC makes him exceptionally well positioned to bring clarity, balance, and forward-looking guidance to the commission’s work,” said Blockchain Association CEO Summer Mersinger, herself a recent commissioner at the CFTC.
The CFTC has long been engaged with the U.S. crypto industry, and for years during SEC Chair Gary Gensler’s tenure it was considered the friendlier of the two markets regulators. In 2015, the CFTC gave bitcoin a nod as a commodity, and in 2017 granted the establishment of crypto futures. In recent years, a number of prominent ex-CFTC officials have joined the crypto sector as board members, advisers and executives, including Quintenz and former chairman J. Christopher Giancarlo.
If Congress gives the CFTC hands-on authority over spot trading in crypto commodities such as bitcoin and Ethereum’s ether , that will represent the vast bulk of digital assets transactions. So far, the U.S. House of Representatives has passed legislation that would do so, the Digital Asset Market Clarity Act, but the Senate is still working through its own version, which isn’t expected to come before the end of the year.
Meanwhile, the SEC’s crypto efforts in which Selig has played a part have accelerated under Chairman Paul Atkins, who declared that industry regulation is the agency’s top priority. Under Acting Chairman Caroline Pham, the CFTC has sought to keep pace with her “crypto sprint.”
Pham has been seeking to leave her commission post, a departure that was delayed when Trump’s White House paused Quintenz’s confirmation, which was openly opposed by Gemini CEO Tyler Winklevoss. Though the rest of the industry sent a letter to Trump strongly in favor of quickly getting former az16 Crypto executive Quintenz into the job, the lobbying fell short.
Now the industry is shifting toward the new nominee, Selig.
“He understands the tech and the need to allow room for innovation, but also cares about getting to the right legal answer,” noted Amanda Tuminelli, executive director of the DeFi Education Fund, in a statement.
“Selig’s deep regulatory experience and informed approach to financial innovation make him the right choice to lead the CFTC at this pivotal moment,” said Ji Kim, the CEO of the Crypto Council for Innovation, in a statement.