Quick Summary
- Michael Selig has been nominated by U.S. President Donald Trump to become the new chairman of the Commodity Futures Trading Commission (CFTC).
- This nomination follows a previous blocked appointment, indicating a strategic focus on leadership in the digital asset space.
- Selig’s appointment requires U.S. Senate approval, anticipated in early 2026.
- Selig brings a background in finance and cryptocurrency, having served as chief counsel for the SEC’s Crypto Task Force.
- He advocates for clear regulatory frameworks that foster innovation while protecting investors.
Trump Taps Michael Selig for CFTC Chair
In a significant development for the U.S. digital asset landscape, President Donald Trump has reportedly nominated Michael Selig to assume the role of chairman at the Commodity Futures Trading Commission (CFTC). This move signals a continued emphasis on shaping the regulatory environment for cryptocurrencies and other digital assets.
The CFTC is a key U.S. government agency responsible for overseeing futures, swaps, and increasingly, digital currencies like cryptocurrencies. Its role is crucial in maintaining market integrity and protecting participants.
Selig’s nomination is subject to approval by the U.S. Senate, with potential confirmation anticipated in early 2026. Should he be approved, Selig would succeed Acting Chair Caroline Pham, who has been leading the agency since 2024.
This appointment marks the second attempt by President Trump to fill the CFTC chair position. The first nominee, Brian Quintenz, faced opposition that ultimately blocked his confirmation, reportedly due to past disputes involving Gemini co-founders Tyler and Cameron Winklevoss.
Who is Michael Selig?
Michael Selig is recognized as a legal expert with deep insights into both traditional finance and the cryptocurrency sector. He currently serves as the chief counsel for the Securities and Exchange Commission’s (SEC) Crypto Task Force, a group dedicated to developing a regulatory framework for digital assets.
Selig’s career path includes early exposure to regulatory bodies. He began his career with an internship at the CFTC in 2010 under Chair Chris Giancarlo, often referred to as “CryptoDad” for his forward-thinking stance on digital currencies. This foundational experience likely shaped his subsequent career.
His legal career has seen him associated with prominent law firms such as Perkins Coie, Reed Smith, and Willkie Farr and Gallagher. At Willkie, he specialized in advising a diverse range of clients within the crypto ecosystem, including companies involved with stablecoins, NFT marketplaces, and blockchain networks. He regularly assisted clients in navigating the complex regulatory landscapes of the SEC and CFTC.
In March 2025, Selig joined the SEC’s new Crypto Task Force, led by Commissioner Hester Peirce. In this capacity, he works closely with SEC Chair Paul Atkins to align regulatory approaches between the SEC and CFTC concerning financial and crypto-related matters.
Michael Selig’s Stance on Cryptocurrency Regulation
Michael Selig expresses a supportive view of cryptocurrency but emphasizes the necessity of clear, sensible regulations to ensure investor protection. He has been critical of past regulatory approaches, particularly the SEC’s under Gary Gensler, which he characterized as “regulation by enforcement,” leading to a lack of pre-emptive clarity for businesses.
Agencies should establish ‘do not harm’ rules, protecting individuals while allowing emerging technologies like blockchain and DeFi to flourish, Selig has advocated, underscoring his belief in fostering innovation alongside safety.
Selig has also been instrumental in challenging certain SEC rules, such as Staff Accounting Bulletin 121 (SAB 121), which reportedly created apprehension among banks regarding holding cryptocurrency. Furthermore, he supported Ripple in its legal battle with the SEC by advocating for the release of specific emails, reflecting his commitment to transparency and fairness.
His efforts to promote harmonization between the SEC and CFTC have led experts to describe him as pro-crypto. Amanda Tuminelli, executive director of the DeFi Education Fund, commented, Mike Selig is a well-respected lawyer and industry expert. He understands the tech and the need to allow room for innovation, but also cares about getting to the right legal answer.
Trump’s Strategic Appointments for Crypto Leadership
President Donald Trump appears to be prioritizing the establishment of the United States as a global leader in cryptocurrency. His strategy involves appointing individuals who champion digital assets and advocate for clear regulatory guidelines, aiming to reduce inter-agency conflicts and stimulate growth in the often-volatile crypto market, which has seen a market capitalization in the trillions.
Complementing the potential CFTC leadership change, Trump previously appointed Paul Atkins as chair of the SEC in January 2025. Atkins, a former commissioner, has a history of advising crypto groups and was instrumental in establishing the SEC’s Crypto Task Force. Under his guidance, the SEC has reportedly reviewed or dropped enforcement actions against major crypto platforms like Coinbase, Kraken, Binance, and Ripple. Additionally, efforts have been made to expedite the approval of crypto-based Exchange Traded Funds (ETFs) by introducing new regulatory standards.
Expert Summary
The nomination of Michael Selig as CFTC chairman signifies a concerted effort by the Trump administration to shape U.S. policy towards digital assets. Selig’s background and stated views suggest a regulatory approach that balances innovation with investor protection.
His confirmation by the Senate is a key next step, which could lead to increased clarity and potentially foster greater integration of cryptocurrencies into the broader financial system.