Michael Selig, a US Securities and Exchange Commission (SEC) official, has been nominated by President Donald Trump to chair the Commodity Futures Trading Commission (CFTC), signaling a renewed focus on crypto policies at the agency. Although Senate approval is still pending, this nomination addresses the leadership vacuum that has persisted since the departure of Commissioner Kristin Johnson. Currently, acting Chair Caroline Pham is the sole leader at the agency and plans to step down once Selig is confirmed.
Confirmations from both Selig and White House crypto and AI czar David Sacks on social media highlight Trump’s ambition to position the US as a global “crypto capital.” This move follows Trump’s withdrawal of Brian Quintenz’s nomination earlier this year, reportedly influenced by concerns from crypto industry leaders such as Gemini’s Winklevoss twins.
The stalled US government shutdown, now in its fifth week, complicates the timing of Senate confirmations as lawmakers prioritize funding bills. Despite this, experts like former CFTC Chair Chris Giancarlo emphasize the importance of a fully staffed commission to advance critical rulemaking, including the implementation of the CLARITY Act.
With no confirmation hearing scheduled yet, speculation emerges about additional potential nominees, including Nathan Anonick and Paul Balzano, both with backgrounds in agriculture legislative committees. The administration’s urgency to fill the CFTC leadership role underlines its commitment to advancing digital asset regulation amid evolving market demands.
Read full story at Cointelegraph: https://cointelegraph.com/news/mike-selig-cftc-chair-nomination-questions