Donald Trump nominates Michael Selig to head the CFTC

Key points:

• US President Donald Trump has nominated Michael Selig, the SEC’s chief counsel for cryptocurrencies, to chair the CFTC.
• Experts believe that his appointment will strengthen cooperation between the SEC and CFTC in creating crypto-friendly regulations.
• The decision also reflects the growing influence of the crypto industry in the White House and a possible transition to a unified national policy on digital assets.

US President Donald Trump has selected Michael Selig, chief counsel of the Securities and Exchange Commission (SEC) working group on cryptocurrencies, as a candidate for the position of head of the Commodity Futures Trading Commission (CFTC).

Experts noted that his appointment as head of the CFTC is a clear sign that the regulator will work closely with the SEC to create a regulatory framework that supports cryptocurrencies.

White House crypto industry chief David Sacks confirmed that Selig’s nomination could be approved by the Senate this week. He added:

“Mike has not only been instrumental in driving forward the President’s crypto agenda as Chief Counsel of the SEC Crypto Task Force, he also brings deep experience in traditional commodities markets from his time working at the CFTC under former Chairman Chris Giancarlo.”

Source: x.com

Support for Selig

Crypto billionaire twins Tyler and Cameron Winklevoss were also directly involved in Trump’s decision. They managed to convince the president to abandon his previous choice for CFTC chair, Brian Quintenz.

The Winklevoss brothers fought hard against Quintenz’s nomination, partly because they believed he was not sufficiently outraged by the CFTC’s 2022 lawsuit against their cryptocurrency exchange Gemini.

The Winklevosses also protested Quintenz’s nomination because of the former CFTC commissioner’s proposal to increase the budget to more effectively carry out new, large-scale responsibilities related to regulating the cryptocurrency market. The twins argued that expanding the agency’s powers would lead to a “regulatory capture.”

As head of the CFTC, Selig will also be responsible for developing the agency’s approach to regulating prediction markets, another new sector that is rapidly gaining popularity and has raised complex legal questions since its emergence last year.

In September, US senators released a new draft of the Responsible Financial Innovation Act of 2025, which clarifies the responsibilities of the SEC and CFTC.