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Trump reportedly to nominate SEC crypto lawyer Michael Selig as CFTC chair
US President Donald Trump is said to be preparing to nominate Michael Selig as the next chair of the Commodity Futures Trading Commission (CFTC), according to a Bloomberg report citing an unnamed administration official. No formal White House announcement had been posted at the time of reporting.
Who is Michael Selig and why it matters for crypto
Selig currently serves as chief counsel for the Securities and Exchange Commission's crypto task force and is a senior adviser to SEC Chair Paul Atkins. Within the cryptocurrency community some analysts and industry influencers have described him as pro-crypto, and the prospect of his nomination drew positive reactions from market participants focused on crypto regulation and digital asset oversight.
Background: a stalled CFTC nomination and the policy context
The new report follows a rocky nomination process at the CFTC earlier this year. In September, the nomination of Brian Quintenz was withdrawn after public opposition from figures in the crypto industry, including Gemini co-founders Tyler and Cameron Winklevoss. Quintenz later said he would return to the private sector.
Since 2024 the Trump administration has signaled an intention to give the CFTC greater oversight over crypto markets, especially spot cryptocurrency trading. The White House Working Group on Digital Assets released recommendations in July that classified many cryptocurrencies as commodities, suggesting the CFTC should play a leading role over spot markets while the SEC would retain jurisdiction over assets considered securities, such as tokenized bonds and tokenized stocks.
SEC and CFTC collaboration on digital asset rules
In September the SEC and CFTC issued a joint statement about harmonizing regulatory efforts, an approach attorneys and industry groups said could bring greater clarity to US crypto regulation. The CFTC also announced a so-called crypto sprint in August to accelerate implementation of the Working Group's recommendations. The closer cooperation has prompted speculation about a potential agency merger, a claim SEC officials have denied, noting that only the president or Congress could alter the agencies’ statutory structure.
What to watch next
The nomination, if formalized, would be closely watched by exchanges, institutional investors, and policy advocates. Key issues include which assets will be treated as commodities versus securities, how spot market oversight will be enforced, and how coordination between the CFTC and SEC will impact market structure, custody, and compliance demands for crypto firms. For crypto traders and market participants, leadership at the CFTC will influence enforcement priorities and the pace of regulatory clarity for digital assets.
Source: cointelegraph
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