U.S. President Donald Trump has appointed Michael Selig as the new chair of the Commodity Futures Trading Commission (CFTC), underscoring the administration’s growing commitment to making the United States the global leader in digital assets.
Selig, who currently serves as chief counsel for the CFTC’s crypto task force, confirmed his appointment on Saturday in a post on X, saying he would “work tirelessly to facilitate well-functioning commodity markets, promote freedom, competition, and innovation, and help the President make the United States the Crypto Capital of the World.”
The appointment was first reported by Bloomberg News and later confirmed by an administration official and Selig himself. David Sacks, the White House artificial intelligence and crypto czar, also confirmed the move in a separate post on X, describing Selig as “deeply knowledgeable about financial markets and passionate about modernizing our regulatory approach in order to maintain America’s competitiveness in the digital asset era.”
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Selig’s selection marks a turning point for the CFTC, the agency responsible for overseeing futures, options, and derivatives markets. His appointment signals Trump’s intent to reshape the regulatory landscape around cryptocurrency, aligning with his administration’s broader effort to reduce barriers for digital asset innovation and attract global crypto investment.
Before joining the CFTC in March 2025, Selig was a partner at the international law firm Willkie Farr & Gallagher. He has worked closely with Securities and Exchange Commission Chairman Paul Atkins, and is known in Washington for advocating a “light-touch” regulatory approach to blockchain and fintech startups.
A Shift in Crypto Policy Under Trump
The Trump administration has made cryptocurrency a central feature of its economic strategy, framing it as both an innovation engine and a matter of national competitiveness. Earlier this year, Trump signed into law the GENIUS Act and the CLARITY Act, both of which establish clearer rules for digital assets and distinguish between securities and commodities in the crypto space.
The GENIUS Act (Global Entrepreneurship and National Innovation in U.S. Systems) focuses on promoting blockchain infrastructure and creating tax incentives for crypto startups. The CLARITY Act, meanwhile, is designed to prevent regulatory overlap between the CFTC and SEC, which investors had long complained created uncertainty in the market.
The two laws have been widely welcomed by investors and crypto entrepreneurs, many of whom have praised the administration for its efforts to provide regulatory certainty after years of mixed signals from Washington.
Trump’s new CFTC pick comes after the collapse of an earlier nomination. The president had originally named Brian Quintenz, a former CFTC commissioner and crypto advocate, to head the agency. However, his nomination stalled amid opposition reportedly led by Tyler Winklevoss, co-founder of Gemini (GEMI.O), who was said to have lobbied the White House against the move. Quintenz later accused Winklevoss of using personal influence to derail his confirmation.
Selig’s appointment has largely been seen as a “safe yet ambitious” choice, given his policy expertise and his experience navigating both Washington’s bureaucracy and the private financial sector.
The CFTC is typically led by five commissioners, with the chair appointed by the president and confirmed by the Senate. Historically, the White House has maintained a bipartisan balance on the commission. Selig’s confirmation, which is expected to proceed without major opposition, will further cement Trump’s deregulatory tilt in the financial sector.
Crypto in the Trump Business Orbit
Cryptocurrency has become an increasingly visible feature of the Trump family’s business interests. Trump Media & Technology Group (DJT.O), which owns the social media platform Truth Social, has ties to several blockchain ventures. DT Marks DEFI LLC, an entity linked to the Trump family, holds nearly 38% of equity in the company controlling World Liberty Financial, a crypto venture that has recently drawn investor attention.
The president himself has launched digital tokens, and his wife, Melania Trump, has also released a series of themed crypto collectibles. These ventures have made the Trump brand a significant symbol in the political and commercial crypto ecosystem.
Selig’s leadership is expected to usher in a new era of regulatory modernization at the CFTC. It is believed that his appointment will likely accelerate the integration of blockchain technologies into traditional commodities markets, while streamlining compliance processes that have historically deterred startups from operating in the U.S.
The move could also reinforce investor confidence in the crypto industry, especially as global competition intensifies. The European Union’s Markets in Crypto-Assets (MiCA) regulation and China’s push into central bank digital currency (CBDC) frameworks have pressured Washington to define its own stance on digital finance.
Analysts say Selig’s confirmation would align the CFTC more closely with Trump’s vision of using digital assets to fuel U.S. economic competitiveness. However, some financial watchdogs have warned that loosening rules too quickly could expose markets to new forms of risk.
