US President Donald Trump is preparing to nominate Michael Selig as the next chair of the Commodity Futures Trading Commission (CFTC), according to a report by Bloomberg, which cited an unnamed administration official.
Key Takeaways:
- President Trump is expected to nominate Michael Selig as the next CFTC chair, according to Bloomberg.
- Selig’s appointment aligns with Trump’s plan to expand CFTC oversight of spot crypto markets.
- If confirmed, Selig could help strengthen regulatory clarity and cooperation between the CFTC and SEC.
The move follows Trump’s decision to withdraw the previous nomination of Brian Quintenz, whose candidacy faced mounting political and industry pressure.
Pro-Crypto SEC Counsel Michael Selig Seen as Positive Pick for CFTC Chair
Selig currently serves as chief counsel of the SEC’s crypto task force and as senior adviser to SEC Chair Paul Atkins.
Known for his pragmatic approach to digital assets, Selig has been described by analysts as “pro-crypto,” with many in the industry welcoming the potential appointment as a positive signal for market innovation and regulatory clarity.
The CFTC nomination process was stalled in September after Quintenz reportedly faced opposition from several figures in the crypto sector, including Tyler and Cameron Winklevoss, co-founders of the Gemini exchange.
Quintenz has since confirmed he will return to the private sector.
Trump’s expected nomination of Selig fits within his broader plan to expand CFTC oversight of crypto markets, a policy outlined in the White House Working Group on Digital Assets report released in July.
The framework proposes that the CFTC regulate spot crypto markets and classify most cryptocurrencies as commodities, while the SEC retains jurisdiction over security tokens such as tokenized bonds and equities.
In September, the SEC and CFTC issued a joint statement pledging to “harmonize” regulatory efforts, a step that lawyers and industry leaders have hailed as crucial for compliance consistency.
The CFTC also launched a “crypto sprint” initiative in August to accelerate the implementation of digital asset policies.
Despite rumors that the agencies might merge into a single regulator, Atkins dismissed such speculation, clarifying that only the US president or Congress has the authority to initiate such a merger.
If confirmed, Selig’s appointment could mark a pivotal shift toward clearer crypto regulation, potentially solidifying the CFTC’s role at the center of America’s evolving digital asset framework.
CFTC’s Caroline Pham Declares End to Regulatory “Turf War” With SEC
In September, CFTC Commissioner Caroline Pham declared an official end to the long-standing “turf war” between the CFTC and the SEC over crypto and financial market oversight.
Speaking at a joint SEC-CFTC roundtable on Monday, Pham described the collaboration as a “new day,” marking a historic shift toward unified regulatory efforts.
The event, held on September 29, brought together key industry figures including Polymarket’s Shayne Coplan, Kraken co-CEO Arjun Sethi, and Kalshi co-founder Tarek Mansour, who discussed the next phase of regulatory harmonization between the two agencies.
Pham emphasized the need for cooperation to enhance market efficiency and innovation.
“Our financial markets fuel America’s growth,” Pham said, adding that regulators must work together to eliminate friction that hampers economic potential.
“By working together, we can bring real value to our markets and to the American people.”
The post Trump Poised to Nominate Michael Selig as Next CFTC Chair: Bloomberg appeared first on Cryptonews.
Credit: Source link