President Donald Trump has named his new choice to lead the U.S. Commodity Futures Trading Commission, formally backing Securities and Exchange Commission lawyer Mike Selig after jettisoning his one-time pick of former CFTC Commissioner Brian Quintenz.
The near-term leadership of the Commodity Futures Trading Commission could be a weighty matter for the crypto industry as the agency is contemplated by current legislative efforts in Congress as a leading regulator of digital assets transactions. If Selig is confirmed by the Senate — a hurdle Quintenz didn’t manage to clear — he’ll likely be shaping the implementation of new U.S. crypto policies.
White House Crypto Czar David Sacks confirmed that Selig, long rumored to be Trump’s top choice, would be given the nod early Saturday.
“Mike has not only been instrumental in driving forward the President’s crypto agenda as Chief Counsel of the SEC Crypto Task Force, he also brings deep experience in traditional commodities markets from his time working at the CFTC under former Chairman Chris Giancarlo,” Sacks said.
Selig has been serving as a senior official on the SEC’s crypto effort, so he would be intimately familiar with the industry’s wants when it comes to a comprehensive U.S. regulatory regime. Reports indicated that Selig had become the frontrunner for the role.
Selig said he was “honored” to be nominated.
“I pledge to 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,” he stated.
“Mike’s deep expertise in financial markets and digital assets at the SEC makes him exceptionally well positioned to bring clarity, balance, and forward-looking guidance to the commission’s work,” said Blockchain Association CEO Summer Mersinger, a recent commissioner at the CFTC.
The CFTC has long been engaged with the U.S. crypto industry, and during SEC Chair Gary Gensler’s tenure, it was considered the friendlier of the two markets regulators. In 2015, the CFTC designated bitcoin as a commodity, and in 2017 established crypto futures. Many ex-CFTC officials have since joined the crypto sector as board members, advisers, and executives.
If Congress gives the CFTC hands-on authority over spot trading in crypto commodities such as bitcoin and Ethereum’s ether, it will represent the bulk of digital asset transactions. So far, the U.S. House of Representatives has passed legislation to do so, while the Senate is still working through its version, expected to delay until the end of the year.
Meanwhile, the SEC’s crypto efforts in which Selig has been involved have accelerated, with the agency prioritizing industry regulation. The CFTC has sought to keep pace with a “crypto sprint.”
Pham has been seeking to leave her commission post, a departure delayed when Trump’s White House paused Quintenz’s confirmation, which was opposed by some industry leaders. The rest of the industry sent a letter to Trump in favor of quickly getting Quintenz into the job, but the lobbying efforts fell short.
Now, the industry is shifting toward the new nominee, Selig.
“He understands the tech and the need to allow room for innovation, but also cares about getting to the right legal answer,” noted Amanda Tuminelli, executive director of the DeFi Education Fund.
“Selig’s deep regulatory experience and informed approach to financial innovation make him the right choice to lead the CFTC at this pivotal moment,” stated Ji Kim, the CEO of the Crypto Council for Innovation.
UPDATE (Oct. 25, 2025, 21:12 UTC): Adds Selig tweet.
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