Mike Selig, chief counsel of the SEC’s cryptocurrency project force, is rising because the frontrunner to chair the Commodity Futures Trading Payment (CFTC).
Constant with Politico, Selig, a frail partner at Willkie Farr & Gallagher and one-time regulation clerk to ex-CFTC Chair Chris Giancarlo, is reportedly pulling before other candidates in the personal replacement direction of.
- Mike Selig serves because the chief counsel of the SEC’s Crypto Assignment Drive. He has trip in crypto policymaking.
- The old lead candidate for the CFTC chair, Brian Quintenz, was Donald Trump’s choose. On the opposite hand, he was pulled by the White House after stress from Tyler Winklevoss of Gemini.
- In 2025, the CFTC had most attention-grabbing an performing chair, Caroline Pham, who took a talented-crypto stance.
Why is the CFTC chair nomination important?
The CLARITY Act, defining the market structure, has already handed in the House of Representatives in July.
Provided that the CLARITY Act treats most cryptocurrencies as commodities, this could maybe additionally just give the CFTC unheard of affect over the formulation forward for crypto regulation. That’s why the CFTC chair nomination is compulsory for the enterprise.
U.S. House passes CLARITY Act 🏛️
3 buckets for digital resources:
⚖️ Commodities → CFTC
📑 Funding contracts → SEC
💵 Payment stables → BanksShift of energy: CFTC good points ground, SEC loses grip
Most realistic regulatory shakeup yet!#Crypto #RWA $ELD pic.twitter.com/NDaRS5v3b2
— Eldora at Token2049🇸🇬 (@eldora_meta) September 3, 2025
The novel approved in the sail for the CFTC chair is revealed on the time when the years-long standoff between the CFTC and the SEC settles. The latter agency has been treated most cryptocurrencies as securities in the Biden period, the use of the 1946 Howey take a look at to outline crypto as such.
The CFTC, in disagreement, has seen digital resources as commodities. The adaptation between these approaches created uncertainty, making it harder for crypto manufacturers to thrive in the U.S.
This present day, the SEC and the CFTC don’t steal into consideration the Howey take a look at.
In August, Sen. Cynthia Lummis claimed the CLARITY Act will circulation in the Senate by Thanksgiving and The united states “will personal market structure by the tip of the One year.”
Whether or no longer the U.S. authorities shutdown, now in its fourth day, delays the passage remains to be seen.
Who is Mike Selig?
A high knowledgeable on the Securities and Trade Payment’s cryptocurrency project force, Mike Selig, is rising because the main candidate to chair the Commodity Futures Trading Payment, in response to 2 folk aware of the discussions.https://t.co/lPx109F9t4
— Declan Harty (@declanharty) October 1, 2025
For the time being, Selig is the chief counsel of the SEC’s Crypto Assignment Drive, which fashioned in 2025. Within the past, he worked in the CFTC as an intern. The likelihood of an SEC worker heading the CFTC could maybe additionally just serve as one other step in binding the two companies on their mission of rulemaking in the crypto sector.
Selig was also an opponent of the Gary Gensler-period “regulation by enforcement” means to crypto. He’s a mastermind in the succor of rescinding the controversial Employees Accounting Bulletin 121 and shedding masses of court cases against crypto companies.
Selig’s ardour in crypto shall be traced succor to a minimum of 2017. He contributes to loads of cryptocurrency-associated publications and could maybe additionally just be seen in the podcasts dedicated to the matter. Sooner than March 2025, Selig occupied the partner position in a regulation firm, Willkie Farr & Gallagher LLP, the build he consulted purchasers on moderately about a questions, including cryptocurrency regulation, enforcement, securities, commodities, and so on.
Chief excellent officer at Ripple, Stuart Alderoty, took to an X to train his succor for Selig’s candidacy. He wrote:
“No person is absolute top suited than Mike Selig to harmonize the CFTC and SEC on crypto and more – lowering duplicative regulation and patching fragmentation.”
No person is absolute top suited than Mike Selig to harmonize the CFTC and SEC on crypto and more – lowering duplicative regulation and patching fragmentation. @MikeSeligEsq https://t.co/hfsWMp1ZLM
— Stuart Alderoty (@s_alderoty) October 3, 2025
Different nominees
As an alternative of Selig, loads of alternative candidates remain into consideration. These contain Treasury Counselor and stablecoin policy knowledgeable Tyler Williams; frail CFTC Market Contributors Division Director Josh Sterling; frail commissioner Jill Sommers; and contemporary performing chair Caroline Pham.
Pham has led the CFTC by means of a interval of staffing shortages, becoming its sole leader after loads of commissioners, including Kristin Johnson, departed—despite the agency requiring five commissioners. At some level of her tenure, she terminated about a dozen employees and targeted on formal rulemaking, clear guidance, and listing requirements.
Her management has also been marked by close collaboration with the SEC and a crypto-pleasant stance, including permitting offshore exchanges to serve U.S. possibilities.
The day old to this’s @SECGov @CFTC roundtable was historical. Thanks to @SECPaulSAtkins and all our audio system who got here alongside side actionable suggestions to build up our markets huge. Legends! 🏆 pic.twitter.com/OVd3k3cqgb
— Caroline D. Pham (@CarolineDPham) September 30, 2025
In February, President Donald Trump nominated CFTC commissioner Brian Quintenz to grow to be the agency’s chairman. On the opposite hand, he was dropped in September.
No detailed reasons had been supplied, regardless that Tyler Winklevoss, co-founder of the Gemini substitute, reportedly advisable that Trump drop Quintenz.
In July, Winklevoss requested that Trump prevent Quintenz from becoming the CFTC chair, citing the latter’s Biden-period makes an attempt to crack down on the Gemini substitute.
