President Donald Trump on Friday nominated Michael Selig, a senior financial markets attorney and current adviser at the Securities and Exchange Commission (SEC), to serve as chair of the Commodity Futures Trading Commission (CFTC) — the nation’s top regulator for derivatives and commodities markets.
The announcement, made publicly by White House Artificial Intelligence and Cryptocurrency czar David Sacks in an October 25 post on X (formerly Twitter), marks one of the Trump administration’s most consequential moves yet to shape the future of U.S. digital asset regulation.
“President Trump has made an excellent choice in Mike Selig to lead the CFTC,” Sacks wrote. “As anyone who knows him will attest, [Selig] is deeply knowledgeable about financial markets and passionate about modernizing our regulatory approach in order to maintain America’s competitiveness in the digital asset era.”
Who is Michael Selig?
Selig, who has built a reputation as one of Washington’s most influential voices on digital asset policy, currently serves as chief counsel on the SEC’s Crypto Task Force and senior advisor to SEC Chair Paul Atkins. Before his work at the SEC, he spent several years in private practice at Clifford Chance LLP, specializing in commodities and derivatives law.
A graduate of the University of Chicago Law School, Selig began his career at the CFTC in the Division of Market Oversight before moving to the private sector. His earlier experience within the agency — combined with his recent advisory role at the SEC — gives him a unique understanding of how traditional financial regulations intersect with emerging technologies like blockchain and decentralized finance.
If confirmed by the Senate, Selig would replace Rostin Behnam, who has led the commission since 2021. Behnam’s term was set to expire this year, and his departure had been widely expected as part of Trump’s second-term restructuring of financial oversight bodies.
A pro-crypto administration priority
Trump’s nomination of Selig aligns with his broader effort to position the United States as a global leader in cryptocurrency innovation. Throughout his 2024 reelection campaign, Trump repeatedly vowed to “make the U.S. the crypto capital of the planet” and pledged to roll back what he called “anti-innovation overreach” by regulatory agencies such as the SEC.
Under Selig’s leadership, the CFTC is expected to play a pivotal role in implementing the administration’s digital asset modernization agenda, which includes establishing clearer rules for crypto derivatives, stablecoins, and decentralized trading platforms.
Patrick Witt, executive director of the President’s Working Group on Digital Assets, said he looked forward to collaborating with Selig “to deliver on President Trump’s promise to make the U.S. the crypto capital of the planet.”
“Mike understands both the promise and the complexity of blockchain-based markets,” Witt said. “He has the technical expertise and legal experience needed to ensure that innovation thrives while maintaining market integrity.”
The CFTC’s expanding role in digital finance
Founded in 1974, the Commodity Futures Trading Commission oversees U.S. derivatives markets — including futures, options, and swaps — that collectively underpin trillions of dollars in financial activity each year. Traditionally focused on commodities like oil, wheat, and precious metals, the CFTC has increasingly found itself at the center of debates over cryptocurrency regulation.
In recent years, both the SEC and CFTC have claimed jurisdiction over aspects of digital asset markets, leading to turf battles that have at times caused confusion for investors and companies alike. Trump’s move to install a pro-crypto CFTC chair suggests an effort to harmonize federal oversight and streamline regulatory clarity.
Under Selig’s leadership, the commission is expected to push for an expanded definition of “digital commodities,” a framework that could bring Bitcoin, Ethereum, and similar assets more squarely under CFTC oversight — a stance supported by many in the crypto industry.
Market and political reactions
News of Selig’s nomination drew immediate interest from both Wall Street and the digital asset sector. Major crypto advocacy groups, including the Blockchain Association and Crypto Council for Innovation, praised the move as a sign that the administration is serious about building a coherent regulatory framework.
“Mike Selig understands that innovation and investor protection are not mutually exclusive,” said Kristin Smith, CEO of the Blockchain Association. “His appointment signals that the Trump administration wants smart regulation, not suffocating regulation.”
Financial analysts said the nomination could bring renewed confidence to markets unsettled by years of regulatory uncertainty.
However, some Democrats and consumer protection advocates expressed concern that Selig’s approach could tilt too heavily in favor of industry interests. Senator Elizabeth Warren (D-Mass.) called the nomination “deeply troubling,” arguing that it risked turning the CFTC into a “cheerleader for crypto speculation.”
“Americans deserve regulators who will put stability and accountability ahead of hype and political donations,” Warren said in a statement Friday evening.
Trump’s evolving economic team
The nomination of Selig continues Trump’s pattern of elevating pro-market reformers to key economic positions in his second term. In recent months, Trump has also appointed David Sacks to coordinate AI and cryptocurrency policy across federal agencies and Paul Atkins to lead the SEC with a mandate to “simplify and modernize” capital markets rules.
Together, these moves reflect the administration’s view that financial technology and blockchain innovation are central to U.S. economic competitiveness — and that regulatory barriers must be reduced to encourage growth.
The White House said in a statement that Selig’s leadership “will ensure the CFTC remains at the forefront of responsible innovation in financial markets.”
What comes next
Selig’s nomination now moves to the Senate Agriculture Committee, which oversees CFTC appointments. Hearings are expected in mid-November, with a confirmation vote possible before the end of the year.
If confirmed, Selig will assume one of the most influential roles in global financial regulation at a time when questions over digital asset policy, market structure, and cross-border coordination are increasingly urgent.
In his own brief statement posted online Friday, Selig said he was “honored by the nomination” and pledged to “work tirelessly to ensure the integrity, transparency, and innovation of U.S. markets.”
“The United States has always led the world in financial innovation,” Selig wrote. “Under President Trump’s direction, we can build a regulatory framework that both protects investors and unleashes new opportunities for growth.”
%20(2).png)
