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U.S. President Donald Trump has chosen Michael Selig as the chair of the Commodity Futures Trading Commission (CFTC), according to Bloomberg reports on Friday. This replaces his previous nominee, Brian Quintez, after pressure from Tyler and Cameron Winklevoss, founders of Gemini.
Selig As the New CFTC Chair
Selig currently serves as chief counsel for the US Securities and Exchange Commission’s Crypto Task Force and Senior Advisor to SEC Chairman Paul Atkins. Before joining the SEC, Selig was a partner at the law firm Willkie Farr & Gallagar LLP, where he specialized in asset management and digital assets regulation. This positions him to promote the coordination between the two agencies, likely.
This nomination is deeply tied to the implementation and impact of the CLARITY and GENIUS Act. With Selig’s position as CFTC head, he will have direct influence on how major cryptocurrencies and tokenized assets will be regulated in practice.
Selig could also leverage his cross-agency experience to harmonize frameworks for spot crypto trading, tokenized collateral, and investor protections. This will advance institutional confidence in regulated digital assets.
Industry Reaction
Earlier this month, when Selig emerged as the leading candidate for CFTC Chair, Jake Chervinsky, the chief legal officer at the Variant Fund, described it as a pivotal moment for US crypto policy.
He said, “There’s nothing more important for crypto policy than the White House nominating a new CFTC chair, and nobody better than Mike Selig for the job. I’ve had the honor of knowing Mike for years, and he’s the real deal: a brilliant lawyer and proven leader perfect for this role.”
Chervinsky also praised Selig as a trustworthy and skilled lawyer who has proven leadership experience, which could help stabilize and advance crypto oversight in a positive and more predictable way.
What’s Next? Senate Vote
After gaining Trump’s nomination, Selig must be approved by the Senate. The procedure involves a hearing before s Senate committee, where Selig will likely be questioned on his qualifications and stance on current US regulations.
The Senate Agriculture Committee typically handles the hearing for CFTC nominations. If approved by the Senate vote, Selig can officially begin his term as Chair.