President Donald Trump has named his new choice to lead the U.S. Commodity Futures Trading Commission, formally endorsing Securities and Exchange Commission lawyer Mike Selig after dropping his one-time choice of former CFTC Commissioner Brian Quintenz.
The near-term leadership of the Commodity Futures Trading Commission could be an important matter for the crypto industry as current legislative efforts in Congress position the agency as the leading regulator of digital asset transactions. If Selig is confirmed by the Senate – a hurdle that Quintenz did not manage to overcome – he will likely shape the implementation of new US crypto policies.
White House crypto czar David Sachs confirmed that Selig, long rumored to be Trump’s top choice, would be approved early Saturday.
“As Chief Counsel of the SEC Crypto Task Force, Mike has not only played a key role in advancing the President’s crypto agenda, but he also has deep experience in traditional commodity markets while working under former Chairman Chris Giancarlo at the CFTC,” Sachs said in a post on X.
Selig has been working as a senior official on the SEC’s crypto effort, so he will be well-versed in the needs of the industry when it comes to the broader US regulatory regime. CoinDesk reported in early October that Selig had become the frontrunner for the role.
“Mike’s deep expertise in financial markets and digital assets at the SEC makes him exceptionally well-positioned to bring clarity, balance, and visionary guidance to the Commission’s work,” said Summer Mersinger, CEO of the Blockchain Association, herself a recent Commissioner at the CFTC.
The CFTC has long been involved with the US crypto industry, and for years during SEC Chairman Gary Gensler’s tenure it was considered the friendlier of the two market regulators. In 2015, the CFTC gave Bitcoin Approval as a commodity, and the establishment of crypto futures was allowed in 2017. In recent years, several prominent ex-CFTC officials have joined the crypto sector as board members, advisors, and executives, including Quinten and former Chairman J. Also included is Christopher Giancarlo.
If Congress gives CFTC practical authority over spot trading in crypto commodities like Bitcoin and Ethereum’s ether That would represent a huge amount 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 through its own version, which is not expected before the end of the year.
Meanwhile, the SEC’s crypto efforts in which Selig has played a role have intensified under Chairman Paul Atkins, who declared that industry regulation is the agency’s top priority. Under Acting Chairwoman Caroline Pham, the CFTC has sought to keep pace with its “crypto sprint.”
Pham is seeking to leave her commission post, a departure delayed when Trump’s White House blocked Quintessence’s confirmation, which Gemini CEO Tyler Winklevoss had openly opposed. Although the rest of the industry sent a letter to Trump in favor of quickly hiring former crypto executive Quintenz, the lobbying failed.
Now the industry is turning to the newly named Selig.
“He understands technology and the need to leave room for innovation, but also cares about getting the right legal answers,” 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 critical moment,” Ji Kim, CEO of the Crypto Council for Innovation, said in a statement.