U.S. President Donald Trump is preparing to nominate Michael Selig as the next CFTC Chair, following the withdrawal of former nominee Brian Quintenz, according to a Bloomberg report published Friday. The report cited an unnamed administration official, noting that no formal announcement has yet been made.
Selig currently serves as chief counsel and senior adviser to SEC Chair Paul Atkins and leads the Securities and Exchange Commission’s crypto task force. Known for his “pro-crypto” stance, Selig’s potential nomination has been met with optimism among cryptocurrency advocates. They view his appointment as a sign of a more favorable regulatory environment for digital assets.
Shift in Crypto Oversight and Regulatory Direction
The CFTC nomination process had been stalled since September, when Brian Quintenz, Trump’s initial pick for the role, came under pressure from Gemini co-founders Tyler and Cameron Winklevoss. Following the controversy, Trump withdrew Quintenz’s nomination, and Quintenz later confirmed his plans to return to the private sector.
Since 2024, Trump has considered expanding the CFTC’s authority over cryptocurrency markets, aiming to clarify the agency’s role in regulating digital assets. Under recommendations made by the White House Working Group on Digital Assets, the CFTC would oversee spot crypto markets, while the SEC would continue to regulate tokens classified as securities, such as tokenized bonds and stocks.
SEC and CFTC Move Toward Joint Crypto Framework
The SEC and CFTC have increasingly aligned their efforts on crypto regulation. In September, both agencies issued a joint statement pledging to “harmonize” regulatory standards. The move also saw support from industry observers for providing long-awaited clarity to U.S. crypto markets.
Earlier in August, the CFTC announced a “crypto sprint,” an initiative aimed at implementing key recommendations from the Working Group’s July report. These coordinated steps have fueled speculation that the two agencies could eventually merge into a single entity. However, SEC Chair Paul Atkins has swiftly denied these rumors.
Atkins emphasized that any merger between the CFTC and SEC would require action by Congress or the President, reaffirming that the agencies will remain separate for now.
If confirmed, Selig’s appointment could mark a pivotal moment for the U.S. crypto sector.