Trump Nominates Michael Selig to Head the CFTC
Date: 2025-10-28 Author: Henry Casey Categories: BUSINESS
US President Donald Trump has nominated Michael Selig, the SEC's chief cryptocurrency counsel, to chair the Commodity Futures Trading Commission (CFTC). This decision signals a possible rapprochement between the two key regulators—the SEC and the CFTC—in developing a unified strategy for regulating digital assets.
According to experts, Selig's appointment reflects the growing influence of the crypto industry in the White House and the Trump administration's commitment to creating a more favorable environment for the digital currency market.
David Sachs, the White House's director of crypto initiatives, noted that Selig's nomination will likely be confirmed by the Senate in the coming days. He emphasized that Michael played a key role in implementing the president's crypto policy and possesses deep knowledge of traditional financial instruments thanks to his previous experience at the CFTC under Chairman Chris Giancarlo.
Brothers Tyler and Cameron Winklevoss, known as the founders of the Gemini crypto exchange, also played a significant role in this appointment. According to sources, they convinced the president to reject his previous nominee, Brian Quintenz. The Winklevosses expressed dissatisfaction with Quintenz's failure to oppose a lawsuit filed by the CFTC against their company in 2022.
Furthermore, they criticized his proposal to increase the agency's budget to expand its regulatory powers in the crypto market, arguing that this would lead to excessive government interference in the industry. The brothers believe such steps create the risk of "regulatory capture" and weaken the sector's innovative potential.
If confirmed by the Senate, Selig will oversee not only the cryptocurrency market but also the burgeoning prediction platform sector—an emerging field that is generating heated debate among legislators and legal experts.
In September, senators introduced an updated draft of the Responsible Financial Innovation Act of 2025, aimed at clarifying the powers of the SEC and CFTC. This document could serve as the basis for a clearer delineation of responsibilities and coordination between the regulators.
Experts believe Selig's appointment could be a step toward a more pragmatic approach to digital assets in the United States. The combination of his legal experience and the support of the crypto community makes him a potentially key figure in shaping national crypto policy under the Trump administration.
