Trump Nominates Michael Selig to Lead CFTC

Selig currently serves as the chief counsel for the crypto task force at the Securities and Exchange Commission (SEC). The nomination marks the administration’s second attempt to fill the top leadership post at the small but powerful derivatives regulator. Selig’s confirmation requires approval by the Senate.

A Regulator with Dual Agency Experience

Selig’s background is rooted in the complex intersection of financial and crypto regulation. In his current role at the SEC, he works to harmonize the approaches of the SEC and the CFTC toward digital assets and the wider financial sector.

His experience includes working as an aide to former SEC Chairman Paul Atkins. Selig previously specialized in asset management as a partner at the law firm Willkie Farr & Gallagher.

He also served as counsel to former CFTC Commissioner Chris Giancarlo between 2014 and 2015. His combined experience across both the SEC and CFTC is crucial for the agency, which oversees swaps, futures, and prediction markets.

Critical Moment for CFTC Authority

Selig’s nomination comes at a critical time when the CFTC’s jurisdiction is expected to expand significantly. Congress is considering legislation that would grant the agency sweeping new powers.

These powers would include oversight of major cryptocurrencies like Bitcoin and Ether. The Trump administration has prioritized making the United States a leader in the digital asset space.

This goal requires strong, stable leadership at the CFTC to manage the expanded regulatory role. The agency has been operating with a single commissioner, Caroline Pham as acting chair, creating the risk of regulatory paralysis due to quorum requirements.

Second Attempt to Fill the Post

Selig replaces the President’s original nominee, Brian Quintenz, whose confirmation stalled in the Senate. Quintenz, who previously led global policy for a16z crypto, faced opposition concerning his ties to the prediction market operator Kalshi.

Tyler Winklevoss, co-founder of the Gemini Space Station Inc. crypto exchange, publicly called on Trump to reconsider the initial choice.

The controversy around Quintenz’s past board service and asset disclosures related to Kalshi created an impasse. Selig’s selection is a strategic move to introduce stable leadership and avoid the conflict-of-interest questions that plagued the prior nomination.