Michael Selig has been sworn in as the 16th Chairman of the U.S. Commodity and Futures Trading Commission (CFTC). President Donald Trump named him as a nominee to head the federal agency that regulates the U.S. derivatives market.
His confirmation by the Senate on Thursday and subsequent appointment bring an end to a prolonged period of leadership uncertainty at one of the country’s most important financial regulators.
Michael Selig Sworn in as CFTC Chairman, Vows to Support White House’s Pro-Crypto Policy Direction
CFTC acting chair Caroline Pham, who has been heading the agency since January and its sole commissioner since August after three other commissioners departed this year, said Monday would be her last day before Selig takes over. She will move to the private sector, assuming the role of chief legal officer at payments firm MoonPay.
Selig, who previously served as the chief counsel of the Securities and Exchange Commission’s (SEC) Crypto Task Force – a newly formed unit within the agency that is developing a comprehensive and clear regulatory framework for crypto assets – is widely regarded as a pro-crypto candidate, and was nominated by Trump to the post in October.
His confirmation was passed as part of a mass approval of White House nominees, with Senators voting 53-43 under the provisions of Senate Resolution 532. Alongside Selig, the Senate also confirmed Travis Hill to become the chairman of the Federal Deposit Insurance Corporation (FDIC). Thereby placing permanent leadership at two agencies that play central roles in how traditional and crypto markets operate and how industry players interact with the U.S. banking system.
“I’m grateful for the confidence President Trump has placed in me and for the opportunity to lead the CFTC at this pivotal time. I welcome the vital responsibility to oversee the stability and security of America’s commodity derivatives markets during this period of rapid transformation,” Selig said.
He acknowledged the second Trump administration’s moves to cement the U.S. as the “Crypto Capital of the World,” enacting policies that support growth and innovation in the decentralized finance sector. Selig also noted that Congress is poised to send the crypto market structure bill to the Oval Office for the President to sign into law.
“We are at a unique moment as a wide range of novel technologies, products, and platforms are emerging, and retail participation in the commodity markets is at an all-time high.”
White House AI and Crypto Czar David Sacks Says Digital Asset Market Structure Bill Could Be Passed in Early 2026
Last week, David Sacks, the White House AI and Crypto Czar, said that a markup session for the Digital Asset Market Clarity Act (Clarity Act) is scheduled for January 2026. This would mark a significant step toward passing the landmark crypto market structure legislation. He stated that Senate Banking Committee Chair Tim Scott and Senate Agriculture Committee Chair John Boozman have confirmed the timeline.
The Clarity Act, which passed in the House of Representatives in July with bipartisan support, seeks to define digital assets as either securities or commodities, thereby reducing regulatory uncertainty and defining proper jurisdiction for the SEC and CFTC over the market. January’s markup will involve both the Banking and Agriculture committees reviewing, amending, and voting on the draft bill before it is advanced to a full Senate floor vote. The legislation is expected to designate digital asset commodities under the CFTC’s oversight, while the SEC would retain authority over security-like cryptocurrencies.
“No agency is better suited to pioneer commonsense rules of the road for the new financial markets of America’s Golden Age than the Commodity Futures Trading Commission. Under my leadership, the CFTC will conquer great frontiers and ensure that the innovations of tomorrow are Made in America,” Selig added.
Selig Has Deep Experience in Agriculture, Energy, Financial, and Digital Asset Industries, Handling Clients that Deal with the CFTC and SEC
Selig’s term will run until April 2029. He previously vowed to support growth in innovative technologies such as cryptocurrencies and blockchain by avoiding the Biden administration’s “regulation by enforcement” approach. The former SEC counsel brings deep experience working with a wide range of stakeholders across the agriculture, energy, financial, and digital asset industries, both in the public and private sectors, which heavily rely and operate in CFTC-regulated markets.
He was also a senior advisor to SEC Chairman Paul Atkins, where he helped develop a clear regulatory framework for digital assets in the securities market, synchronize the SEC’s and CFTC’s regulatory regimes, modernize the agency’s rules to reflect new and emerging technologies, and, most importantly, end the enforcement actions undertaken against credible crypto players by the previous administration.
Selig also participated in the President’s Working Group on Digital Asset Markets and contributed to its July report titled “Strengthening American Leadership in Digital Financial Technology.”
Prior to his service in the federal government, Selig was a partner at an international law firm, where he focused on derivatives and securities regulatory matters. During his time in the private sector, the CFTC chair represented a broad range of clients subject to regulation by the agency, such as commercial end users, futures commission merchants, commodity merchants, commodity trading advisors, swap dealers, designated contract markets, derivatives clearing organizations, and digital asset firms, advising them on compliance with federal securities and commodities laws.
