TLDR
- President Trump nominated Mike Selig to chair the Commodity Futures Trading Commission after his first pick Brian Quintenz faced opposition from Gemini CEO Tyler Winklevoss
- Selig currently serves as chief counsel of the SEC’s crypto task force and previously worked at the CFTC under former Chairman Chris Giancarlo
- The CFTC is expected to receive expanded authority over crypto regulation through pending legislation including the Digital Asset Market Clarity Act
- Selig pledged to help make the United States the “crypto capital of the world” and bring clarity to digital asset regulation
- If confirmed by the Senate, Selig will lead the agency as it implements new U.S. crypto policies and oversees spot trading in crypto commodities like bitcoin and ether
President Donald Trump announced Mike Selig as his choice to lead the Commodity Futures Trading Commission on Saturday. The nomination comes after Trump’s initial pick, Brian Quintenz, failed to secure Senate confirmation.
🚨BIG WIN FOR CRYPTO: Pro-XRP lawyer Mike Selig just nominated by President Trump as @CFTC Chairman!
From battling SEC over XRP’s non-security status to leading U.S. commodity regs—expect a golden age for innovation, free markets, & making America the Crypto Capital.… pic.twitter.com/UD4njqrB8U
— Diana (@InvestWithD) October 25, 2025
White House Crypto Czar David Sacks confirmed the nomination on social media platform X. Selig currently works as chief counsel for the SEC’s crypto task force under Chairman Paul Atkins.
The CFTC nomination carries weight for the crypto industry. Congress is considering legislation that would give the agency broad authority over digital asset transactions. The House of Representatives already passed the Digital Asset Market Clarity Act.
🚨BREAKING: Trump’s new CFTC chair – Michael Selig says: “The goal is to make the United States the crypto capital of the world.” 🇺🇸 #XRP pic.twitter.com/YzhsUsR39x
— JackTheRippler ©️ (@RippleXrpie) October 26, 2025
Selig brings experience from both agencies. He previously worked at the CFTC under former Chairman Chris Giancarlo. His current role at the SEC gives him direct insight into crypto industry needs.
Background on the Position
The CFTC has engaged with crypto since 2015 when it classified bitcoin as a commodity. The agency approved crypto futures trading in 2017. Industry leaders have viewed the CFTC as more crypto-friendly than the SEC during Gary Gensler’s tenure.
If Congress grants the CFTC authority over spot trading in crypto commodities, it would oversee most digital asset transactions. Bitcoin and Ethereum’s ether would fall under this jurisdiction. The Senate is working on its own version of crypto legislation.
Selig stated he was honored by the nomination. He pledged to facilitate well-functioning commodity markets and promote freedom, competition and innovation. He also committed to helping Trump achieve his goal of making America the crypto capital of the world.
Industry Response
Blockchain Association CEO Summer Mersinger praised the choice. She said Selig’s expertise in financial markets and digital assets positions him well for the role. Mersinger previously served as a CFTC commissioner herself.
The DeFi Education Fund’s executive director Amanda Tuminelli commented on Selig’s approach. She noted he understands technology and the need for innovation while caring about proper legal frameworks.
Crypto Council for Innovation CEO Ji Kim called Selig the right choice. He cited Selig’s regulatory experience and approach to financial innovation as reasons for support.
Trump’s first nominee Quintenz faced open opposition from Gemini CEO Tyler Winklevoss. Most of the crypto industry sent a letter supporting Quintenz’s quick confirmation. The lobbying effort failed to overcome the opposition.
Acting CFTC Chairman Caroline Pham has been leading what she calls a “crypto sprint” at the agency. She had been seeking to leave her position but delayed her departure when Quintenz’s confirmation stalled.
The CFTC typically operates with five commissioners from both political parties. Selig has worked at the CFTC since March 2025. He previously practiced law at international firm Willkie Farr & Gallagher.
Selig now awaits Senate confirmation. The cryptocurrency sector continues to gain prominence under the Trump administration through new legislation and policy initiatives.
