President Donald Trump has named his new pick to lead the U.S. Commodity Futures Trading Commission, officially endorsing Securities and Exchange Commission attorney Mike Selig after dropping his one-time pick of former CFTC Commissioner Brian Quintenz.
The near-term direction of the Commodity Futures Trading Commission could be an important issue for the crypto industry, as the agency is seen by current legislative efforts in Congress as one of the primary regulators of digital asset transactions. If Selig is confirmed by the Senate – a hurdle Quintenz failed to clear – he will likely shape the implementation of new US crypto policies.
White House crypto czar David Sacks confirmed that Selig, long rumored to be Trump’s top pick, would be given the green light early Saturday.
“Mike has not only been instrumental in advancing the President’s crypto agenda as chief counsel to the SEC’s Crypto Task Force, but he also brings deep experience in traditional commodity markets from his experience at the CFTC under former Chairman Chris Giancarlo,” Sacks said in an article on X.
Selig has been a senior official of the SEC’s crypto efforts, so he is well-versed in the industry’s needs for a comprehensive U.S. regulatory regime. CoinDesk reported in early October that Selig had emerged as the frontrunner for the role.
“Mike’s deep expertise in financial markets and digital assets at the SEC makes him exceptionally well-positioned to bring clarity, balance and forward-looking guidance to the commission’s work,” said Summer Mersinger, CEO of the Blockchain Association, herself a recent CFTC commissioner.
The CFTC has a long history of involvement in the U.S. crypto industry, and for years under SEC Chairman Gary Gensler, it was seen as the friendlier of the two markets regulators. In 2015, the CFTC gave Bitcoin a nod as a commodity and granted in 2017 the creation of crypto futures contracts. In recent years, a number of former CFTC officials have joined the crypto industry as board members, advisors, and executives, including Quintenz and former Chairman J. Christopher Giancarlo.
If Congress gives the CFTC concrete authority over spot trading of crypto commodities such as bitcoin and Ethereum ether this will account for the vast majority of digital asset transactions. So far, the US House of Representatives has passed legislation to this effect, the Digital Asset Market Clarity Act, but the Senate is still working on its own version, which is not expected to arrive before the end of the year.
Meanwhile, the SEC’s crypto efforts, in which Selig played a role, have accelerated under Chairman Paul Atkins, who has said regulating the sector is the agency’s top priority. Under the interim presidency of Caroline Pham, the CFTC has sought to keep pace with its “crypto sprint.”
Pham sought to leave his commission post, a departure that was delayed when the Trump White House suspended Quintenz’s confirmation, which was openly opposed by Gemini CEO Tyler Winklevoss. Although the rest of the industry sent a letter to Trump strongly in favor of quickly hiring former az16 Crypto executive Quintenz, the lobbying was unsuccessful.
The industry is now turning its attention to the new candidate, Selig.
“He understands technology and the need to leave room for innovation, but he also cares about finding the right legal answer,” noted Amanda Tuminelli, executive director of the DeFi Education Fund, in a statement.
“Selig’s deep regulatory experience and informed approach to financial innovation make him the right choice to lead the CFTC at this pivotal moment,” Ji Kim, CEO of the Crypto Council for Innovation, said in a statement.
