President Donald Trump has named his new pick to lead the U.S. Commodity Futures Trading Commission, formally endorsing Securities and Exchange Commission lawyer Mike Selig after scrapping his sole pick of former CFTC commissioner Brian Quintenz.
The near-term leadership of the Commodity Futures Trading Commission could be a major issue for the crypto industry, as current legislative efforts in Congress envision the agency as a leading regulator of digital asset transactions. If Selig is confirmed by the Senate (a hurdle Quintenz failed to clear), he will likely be shaping the implementation of new crypto policies in the US.
White House crypto czar David Sacks confirmed that Selig, long rumored to be Trump’s top choice, would get the nod early Saturday.
“Mike has not only been instrumental in advancing the President’s crypto agenda as Chief Counsel to the SEC’s Crypto Task Force, but he also brings deep experience in traditional commodity markets thanks to his time working at the CFTC under former Chairman Chris Giancarlo,” Sacks said in a post on X.
Selig has served as a top official in the SEC’s crypto effort, so he would be intimately familiar with the industry’s desires when it comes to a comprehensive regulatory regime in the US. CoinDesk reported in early October that Selig had emerged as the front-runner for the position.
“Mike’s deep experience 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, who recently served as a CFTC commissioner.
The CFTC has long been committed to the US crypto industry, and for years during SEC Chairman Gary Gensler’s tenure, it was considered the friendlier regulator of the two markets. In 2015, the CFTC gave away bitcoin a nod as a commodity, and in 2017 granted the establishment of crypto futures. In recent years, several prominent former CFTC officials have joined the cryptocurrency sector as board members, advisors and executives, including Quintenz and former Chairman J. Christopher Giancarlo.
If Congress grants the CFTC practical authority over spot trading of crypto commodities like bitcoin and Ethereum’s ether that will account for the vast majority of digital asset transactions. So far, the US House of Representatives has passed legislation that would do so, the Digital Asset Market Clarity Act, but the Senate is still working on its own version, which is not expected to arrive before the end of the year.
Meanwhile, the SEC’s crypto efforts in which Selig has played a role have accelerated under Chairman Paul Atkins, who declared regulation of the industry the agency’s top priority. Under interim chair Caroline Pham, the CFTC has tried to keep pace with its “crypto race.”
Pham has been seeking to leave his position on the commission, an exit that was delayed when the Trump White House halted Quintenz’s confirmation, which Gemini CEO Tyler Winklevoss openly opposed. Although the rest of the industry sent a letter to Trump strongly in favor of quickly getting Quintenz, a former az16 Crypto executive, into the position, the lobbying fell short.
Now the industry is turning to the new nominee, Selig.
“He understands technology and the need to leave room for innovation, but he also cares about finding the right legal answer,” Amanda Tuminelli, executive director of the DeFi Education Fund, said 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 crucial time,” Ji Kim, executive director of the Crypto Council for Innovation, said in a statement.
