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US President Donald Trump has nominated Michael Selig, the SEC's chief counsel for cryptocurrencies, to chair the Commodity Futures Trading Commission (CFTC).
Experts believe his appointment will strengthen cooperation between the SEC and CFTC in creating crypto-friendly regulation.
The decision also reflects the growing influence of the crypto industry in the White House and a possible shift toward a unified national policy on digital assets.
US President Donald Trump has selected Michael Selig, chief counsel of the Securities and Exchange Commission's (SEC) cryptocurrency task force, as his nominee to head the Commodity Futures Trading Commission (CFTC).
Experts noted that his nomination to head the CFTC is a clear sign that the regulator will work closely with the SEC to create a regulatory system that supports cryptocurrencies.
White House crypto industry czar David Sachs confirmed that Selig's nomination could be confirmed by the Senate this week. He added:
"Not only has Mike played a critical role in advancing the president's crypto policy as the chief counsel of the SEC's cryptocurrency task force, but he also brings deep experience in traditional commodity markets gained during his time at the CFTC under former Chairman Chris Giancarlo."
Support for Selig
Crypto billionaire twins Tyler and Cameron Winklevoss were also directly involved in Trump's decision. They managed to persuade the president to abandon his previous choice for CFTC chairman, Brian Quintenz.
The Winklevoss brothers fought hard against Quintenz's nomination, in part because they believed he was insufficiently outraged by the CFTC's 2022 lawsuit against their cryptocurrency exchange, Gemini.
The Winklevosses also protested Quintenz's nomination over the former CFTC commissioner's proposal to increase the budget to more effectively handle the agency's new, extensive responsibilities related to cryptocurrency market regulation. The twins argued that expanding the agency's authority would lead to "regulatory capture."
As head of the CFTC, Selig will also be responsible for developing the agency's approach to regulating prediction markets—another emerging sector that is rapidly gaining popularity and has raised complex legal questions since its emergence last year.
In September, U.S. senators released a new draft of the Responsible Financial Innovation Act of 2025, clarifying the responsibilities of the SEC and CFTC.