- Donald Trump officially nominated Mike Selig to head the CFTC.
- Selig is a long-time crypto ally and serves as general counsel on the SEC’s Crypto Task Force.
- The industry applauded the news of his appointment.
US President Donald Trump has nominated his crypto ally Mike Selig to chair the Commodity Futures Trading Commission.
Although a so-called market structure bill is stalled in the Senate, the CFTC is expected to play a critical role in overseeing the U.S. crypto industry if lawmakers ultimately reach a deal to overhaul digital asset regulation.
“I am honored to have been nominated by President Trump to serve as the 16th Chairman of the United States Commodity Futures Trading Commission,” Selig said in a statement on X Saturday.
“I am committed to working tirelessly to facilitate healthy commodity markets, promote freedom, competition and innovation, and help the President make the United States the crypto capital of the world.”
Earlier this month, DL News reported that Selig’s nomination was imminent. Bloomberg was the first to report that Selig’s appointment had been made official.
The crypto industry welcomed the confirmation of Selig’s appointment over the weekend.
“His work at the CFTC, SEC and in private practice gives him a rare perspective on markets, consumer protection and technology – essential to ensuring clarity, stability and a golden age of innovation and financial markets in the United States,” Ji Kim, CEO of the Crypto Council for Innovation, wrote on X.
Selig has served as chief counsel to the Securities and Exchange Commission’s crypto task force since March. He is also an advisor to SEC Chairman Paul Atkins, who has embarked on a pro-crypto agenda in an effort to establish the stock markets.
Previously, Selig was a partner at the corporate law firm Willkie Farr & Gallagher, where he was a strong supporter of crypto and a critic of Biden-era SEC Chairman Gary Gensler.
While the SEC regulates securities such as stocks and bonds, the CFTC is responsible for regulating futures contracts for commodities such as oil and wheat.
A so-called market structure bill, now moving through Congress, would largely hand regulation of the crypto industry to the CFTC.
But the agency has been understaffed for months. Although it is usually composed of a president and four commissioners, it has been led alone on an interim basis since September 3.
Former Trump pick Brian Quintenz saw his nomination scuttled by twins Tyler and Cameron Winklevoss, co-founders of crypto exchange Gemini.
Quintenz is the head of policy for the crypto arm of venture capital firm Andreessen Horowitz. Although he received widespread support from the crypto industry when first nominated, he lost favor with the Winklevoss twins after failing to promise.
In an effort to save his nomination, Quintenz took the remarkable step of publicly sharing screenshots of text messages he says he received from the Winklevoss twins.
In those messages, they complained about a seven-year CFTC investigation targeting Gemini that ended with a $5 million consent order earlier this year.
Quintenz said in the messages that he would commit to a “fair and reasonable review of the matter” as CFTC chairman. But he left all the “solutions” to a “fully confirmed president.”
“Our complaint raises serious questions and concerns about the culture of the agency you are about to preside over,” Tyler Winklevoss wrote in response, according to the screenshots.
“Cultural reform, which involves rectifying what has happened to us, should be the highest priority. I would like to understand your thoughts on this and how you plan to align with President Trump and the administration’s mandate to end and repair the legal war.”
On X, Quintenz said the texts “make it clear what they were looking for from me and what I refused to promise.”
Alex Gilbert East DL News‘ DeFi correspondent based in New York. You can reach him at aleks@dlnews.com.
