President Donald Trump is reportedly planning to nominate Michael Selig as the next chair of the Commodity Futures Trading Commission (CFTC), following the withdrawal of Brian Quintenz's nomination.
Bloomberg reported this news on Friday, citing an unnamed official from the Trump administration. An official announcement has not yet been made.
Selig currently holds the position of chief counsel for the Securities and Exchange Commission’s (SEC) crypto task force and serves as a senior advisor to SEC Chair Paul Atkins. Analysts and influencers within the crypto community have described Selig as "pro-crypto," and many celebrated the potential nomination.
CFTC Nomination Process Stalls
The nomination process for the CFTC chair encountered a significant hurdle in September when former nominee Brian Quintenz faced pressure from Tyler and Cameron Winklevoss, co-founders of the Gemini crypto exchange.
Ultimately, Trump withdrew Quintenz's nomination. Quintenz had previously informed Cointelegraph that he intended to return to the private sector.
Since 2024, Trump has considered assigning the CFTC oversight responsibilities for cryptocurrency. Under Trump's Working Group on Digital Assets policy recommendations, outlined in a July report, the regulatory agency is set to share oversight with the SEC.
SEC and CFTC Collaboration on Crypto Policy
The Working Group recommended that the CFTC should assume oversight of spot crypto markets and classify the majority of cryptocurrencies as commodities. Any other crypto assets deemed securities, such as tokenized bonds and stocks, will continue to fall under the SEC's jurisdiction.
In September, the CFTC and SEC released a joint statement regarding the "harmonization" of regulatory efforts between the two agencies. Attorneys have indicated that this move is expected to bring much-needed clarity to the US crypto industry.
CFTC officials also announced a "crypto sprint" in August, aimed at implementing policy recommendations from the White House’s Working Group on Digital Assets.
The collaborative efforts between the CFTC and SEC have fueled speculation about a potential merger of the two agencies into a single regulatory entity. SEC Chair Paul Atkins has publicly denied these rumors, stating that only the US president or Congress has the authority to merge such agencies.