Donald Trump plans to nominate Michael Selig, the SEC’s crypto legal counsel, as the next CFTC Chair.
President Donald Trump has chosen to nominate Michael Selig as the next Chair of the Commodity Futures Trading Commission (CFTC). Selig is currently Chief Legal Counsel of the SEC’s Special Task Force on Crypto. Consequently, this appointment must indicate a major shift in regulatory direction now. The nomination will still have to formally be submitted and then confirmed by the Senate to move forward.
Administration Signals Alignment Between Key Regulators
According to Bloomberg, Selig has been working hand in hand with SEC Chairman Paul Atkins. Furthermore, his position entails the effective alignment of the approaches of the SEC and the CFTC. This is a good alignment for big swathes of finance and the crypto industry. Previously, Selig was a partner in the asset management practice of Willkie Farr & Gallagher. Therefore, he brings massive expertise to the top regulator post now.
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The decision comes as the digital assets industry is taking center stage now. Specifically, there have been regulatory pressures on the sector on a global scale. However, the new legislation and laws are being stressed in the Trump administration. Indeed, it is an indication of a favorable environment for the effective expansion of crypto.
The GENIUS Act was passed into law earlier this year without a hitch. In addition, the CLARITY Act is being enacted to provide a clear regulatory structure. This push from the legislature has been well received by investors in the sector. Consequently, the framework is expected to clarify rules on digital assets.
In addition, President Donald Trump also recently granted a full pardon to Binance founder Changpeng Zhao. The President described his prosecution as part of the previous administration’s “war on cryptocurrency.” Therefore, White House confirmed this move. This action clears Zhao’s record and reflects a major shift in the government’s approach.
Trump’s CFTC Pick Selig Aligns with Growing Crypto Momentum
Selig’s appointment comes as momentum behind U.S. crypto legislation is gaining speed now. Coinbase CEO Brian Armstrong recently said the industry was “90%” of the way to getting the passage. He referred to the Digital Asset Market Clarity Act or CLARITY Act, in effect. The bill passed the House in July by a heavy bipartisan vote. This result was 294 – 137 in favor of the legislation as a whole.
Furthermore, lawmakers from both parties were reported as having made major progress on the long-awaited bill. This was despite a partial government shutdown recently. The bill aims to clarify what falls under the SEC and what falls under the CFTC in terms of digital assets. Moreover, it offers important rules on DeFi, stablecoins and custody services.
Armstrong met with senators from both political parties, including Majority Leader Chuck Schumer. He also talked with Senators Kirsten Gillibrand and Cynthia Lummis. The CEO described these discussions as “very productive” overall. This demonstrates a solid bipartisan desire for regulatory clarity now.
The President has been outspoken in his support of cryptocurrency on a regular basis. Previously, he had made promises in his campaigns to make America as crypto capital of the world. Therefore, the selection of an SEC crypto lawyer to the position of CFTC chair is very symbolic. This validates the administration’s interest in structured integration in the short term.
This choice, after all, takes the place of a previous choice that was a dead end. Brian Quintenz was first approached for the CFTC chair. However, his nomination was opposed. The major objector was Gemini co-founder, Tyler Winklevoss. As a result, Selig’s nomination is important to advancing the regulatory agenda now.
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