President Donald Trump has appointed Michael Selig, the chief counsel for the Securities and Exchange Commission’s (SEC) crypto task force, to assume the chairmanship of the Commodity Futures Trading Commission (CFTC).
Selig’s nomination, initially reported by Bloomberg, represents Trump’s second effort to fill the CFTC’s leadership role following the stalled nomination of Brian Quintenz, the global policy chief at a16z crypto, which faced opposition from Tyler Winklevoss, co-founder of Gemini.
As an aide to SEC Chairman Paul Atkins, Selig has played a pivotal role in coordinating regulatory strategies between the SEC and CFTC concerning oversight of financial and cryptocurrency markets.
The CFTC, responsible for regulating futures, swaps, and prediction markets, is poised to gain increased relevance as Congress contemplates new legislation regarding the structure of the cryptocurrency market.
Prior to his tenure at the SEC, Selig was a partner at Willkie Farr & Gallagher, where he focused on asset management.
Selig’s appointment occurs at a time when momentum for U.S. cryptocurrency legislation appears to be intensifying. Coinbase CEO Brian Armstrong noted that the industry is “90%” towards securing the passage of the Digital Asset Market Clarity Act, also known as the CLARITY Act.
Despite a partial government shutdown, lawmakers from both parties have reportedly made substantial advancements on the long-anticipated market structure bill.
Armstrong has engaged in discussions with senators from both parties, including Majority Leader Chuck Schumer, Senators Kirsten Gillibrand, Cynthia Lummis, and Tim Scott, describing the talks as “very productive.”
This bill, which successfully passed the House in July with bipartisan support (294–137), seeks to clarify which digital assets fall under the jurisdiction of the SEC versus the CFTC, while establishing regulations for decentralized finance (DeFi), stablecoins, and custody services.
Key points of contention involve the regulation of DeFi and the potential for consumers to earn rewards on stablecoin holdings. Advocates for cryptocurrency are urging lawmakers to focus regulatory measures on intermediaries rather than on open-source code, warning against the banking lobby’s attempts to limit yields on stablecoin investments.
Despite procedural delays arising from the governmental shutdown, optimism persists among stakeholders. Senator Lummis expressed her expectation that the bill will reach President Trump’s desk by the end of the year, referring to it as the most significant bipartisan initiative towards achieving clarity in U.S. cryptocurrency regulation to date.
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