Welcome to the US Crypto News Morning Briefing, your essential overview of the most important crypto developments for the day ahead.
Grab a coffee, because as the U.S. government moves deeper and deeper into shutdown, whispers from the West Wing are hinting at a strategic crypto move that could quietly redraw the lines of power between the digital assets industry and U.S. financial regulators.
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Today’s crypto news: Shutdown deepens as White House heads toward surprise crypto regulator pick
The White House is reportedly set to nominate Mike Selig, chief counsel for the SEC’s crypto task force, as its nominee to head the Commodity Futures Trading Commission (CFTC). The move could reshape U.S. crypto regulations just as Washington is on the brink of a record government shutdown.
Two people familiar with the matter told Crypto In America that Selig remains the leading candidate to replace controversial former CFTC chairman Brian Quintenz, with a formal vetting underway for additional commissioner roles.
The administration aims to rebuild the five-member CFTC and unify oversight between the SEC and CFTC amid growing calls for a cohesive framework for digital assets.
“No one is better positioned than Mike Selig to bring the CFTC and SEC into alignment on crypto and beyond,” said Stu Alderoty, Ripple’s chief legal officer.
Indeed, Selig could understand both sides of the regulatory fence and, with his experience in both agencies, could finally reduce duplicate oversight.
A former CFTC employee for Chris Giancarlo and advisor to SEC Chairman Paul Atkins, he later worked in private practice at Perkins Coie and Willkie Farr & Gallagher, advising on blockchain and token regulation.
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Therefore, his appointment could be seen as a crypto-positive signal, bridging the deep political divide that has crippled the industry’s growth in the United States.
“I’m glad to see that the (hopefully) newly named CFTC is appreciated by those working for blockchain interoperability,” one user remarked.
Kalshi predicts record US shutdown
Meanwhile, the potential nomination comes at a tense political moment. Kalshi Predictive Markets now estimates the shutdown to last 34.7 days, signaling what could become the longest in U.S. history.
The prolonged standoff has already halted political momentum, delaying progress on key crypto and macro market updates.
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Meanwhile, the third week of the shutdown saw negotiations break down on military salaries and healthcare subsidies, and crypto markets rebounded slightly after last week’s derivatives selloff. Still, the longer Washington remains frozen, the greater the risk of delays in implementing CFTC guidelines, ETF reviews and releasing critical data for institutional traders.
Two forces are therefore at play. On the one hand, Congress is deadlocked on the market structure bill. On the other hand, Kalshi expects the shutdown to extend beyond 35 days.
Against this backdrop, all eyes are on whether the administration can move forward on Selig’s nomination through a government shutdown, or whether crypto’s next regulatory chapter will remain on pause until Washington reopens for business.
Chart of the day
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According to Kalshi Forecast Markets, there is a 61% chance that the shutdown will last more than 30 days and a 49% chance that it will extend beyond 35 days.
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Here’s a roundup of other US crypto news to follow today:
Pre-Market Overview of Crypto Stocks
| Business | At the close of October 10 | Pre-market preview |
| Strategy (MSTR) | $304.79 | $308.00 (+1.05%) |
| Coinbase (COIN) | $357.01 | $363.36 (+1.78%) |
| Galaxy Digital Funds (GLXY) | $39.38 | $40.20 (+2.08%) |
| MARA Holdings (MARA) | $18.64 | $19.19 (+2.98%) |
| Riot Control Platforms (RIOT) | $21.01 | $21.58 (+2.71%) |
| Basic Scientist (CORZ) | $18.52 | $18.97 (+2.43%) |
