Mike Selig CFTC Chairman: Crypto Community Backs Nomination
Background on Mike Selig’s Candidacy for CFTC
Mike Selig, currently serving as general counsel for the Securities and Exchange Commission’s (SEC) Crypto Task Force, is regarded as the leading candidate to become the next chairman of the Commodity Futures Trading Commission (CFTC) in the United States. Reporting via CryptoNews, sources familiar with the matter suggest that Selig’s formal nomination could be announced soon.
A source close to the decision process stated, “Selig’s candidacy could be announced at any time.” Selig’s involvement with digital asset regulation has made him a notable figure in the crypto sector. His appointment is being closely watched amid shifts in U.S. regulatory approaches to cryptocurrency oversight.
Industry Support for Mike Selig as CFTC Chairman
Selig’s potential chairmanship has received significant backing from the cryptocurrency industry. Alluvial Chief Operating Officer and former lawyer Evan Weiss posted on X that, “Selig, who currently leads the SEC’s Crypto Task Force, has delivered the most effective work of any major regulator. If we want the US to be the crypto capital, Mike is the right person to lead the CFTC.” Other crypto lawyers and industry lobbyists echoed support on social media following statements from Politico regarding Selig’s candidacy.
Prior to Selig’s emergence as a frontrunner, former Trump administration nominee Brian Quintenz was considered a leading candidate for the CFTC chairmanship. Quintenz, currently the policy director at Andreessen Horowitz’s cryptocurrency division, withdrew after the Winklevoss brothers of Gemini exchange expressed concerns about regulatory investigations involving their company. Quintenz subsequently made details of these exchanges public, confirming his exit from the race.
Selig’s prior experience includes work as an associate attorney at Willkie Farr & Gallagher and ongoing advocacy for crypto-friendly regulation. His criticisms of former SEC Chair Gary Gensler’s “regulation by enforcement” strategy have resonated with digital asset advocates.
Market Implications and Next Steps
Selig’s current roles extend beyond the SEC Crypto Task Force. He has also been appointed senior advisor to SEC Chairman Paul Atkins, collaborating on “Project Crypto.” Announced in July, this initiative seeks to advance U.S. capital markets toward blockchain-based infrastructure. Project Crypto has gained attention within the industry; Cameron Winklevoss called it “one of the most groundbreaking initiatives I’ve read about in a long time.”
The CFTC nomination comes as the U.S. presidential election approaches and major cryptocurrencies, including Bitcoin, reach new milestones. In October 2024, Selig commented, “The election is a week away, Bitcoin has surpassed $71,000, and Gensler will soon be vacating his office. It’s time for the SEC to embrace crypto again.”
A formal announcement regarding Selig’s nomination as CFTC chairman is anticipated soon. Industry stakeholders and market participants are watching for signals on potential regulatory shifts affecting the future of blockchain and cryptocurrencies in the United States.
For more updates on U.S. crypto policy and leadership changes, visit the Cryptocurrency section.