Michael Selig, an official from the U.S. Securities and Exchange Commission (SEC), announced that President Donald Trump has nominated him to serve as the chairman of the Commodity Futures Trading Commission (CFTC) and stated that he will focus on cryptocurrency policy. The appointment still requires Senate approval, and the agency is currently facing multiple vacancies.
In a post on the X platform on Saturday, Selig and White House cryptocurrency and AI "czar" David Sacks confirmed the news of Trump's nomination for him to become the CFTC chairman, laying the groundwork for the departure of acting chair Caroline Pham.
As of the time of publication, Selig's nomination had not yet appeared in the Congressional Record or an official White House announcement. In his statement, he reiterated Trump's strategic goal of making the U.S. the "cryptocurrency capital."
This nomination comes as the U.S. government shutdown crisis enters its fifth week, with Congress's Republican and Democratic lawmakers unable to reach an agreement on funding bills due to issues surrounding healthcare cuts and subsidies.
Although the Senate retains the authority to pass bills during the government shutdown—including a potential digital asset market structure bill—lawmakers' top priority may be to pass a continuing resolution to provide necessary funding for the government.
Since CFTC Commissioner Kristin Johnson's departure in September, the agency's five-member leadership team has been comprised solely of Pham, who has also indicated her intention to leave the regulatory body once her successor is confirmed by the Senate. As of Monday, the Senate had not yet scheduled a confirmation hearing for Selig.
Selig's nomination comes after Trump withdrew consideration of Brian Quintenz, who had been announced in February as Trump's preferred candidate. Reports indicate that Gemini exchange co-founders Cameron and Tyler Winklevoss urged the White House to select another candidate, as Quintenz could not provide sufficient assurances to these cryptocurrency billionaires on enforcement policy issues.
Cointelegraph interviewed former CFTC chairman Chris Giancarlo on October 14, who is affectionately referred to in the industry as the "father of cryptocurrency," discussing how the current political and legal environment is affected by changes in the leadership of the commodity regulatory agency.
Giancarlo noted, "For the CFTC, it will be very difficult for an acting chair to implement the rulemaking required by the CLARITY Act without a full commission or at least a partial commission. I think the White House is very aware of this, and they are eager to get the CFTC fully staffed so that they can not only continue their day-to-day operations but also effectively implement the pending CLARITY Act."
As of Monday, the White House had not announced any other nominations for CFTC leadership. However, reports indicate that Trump is considering Nathan Anonick (a professional and advisor for the Senate Agriculture Committee) and Paul Balzano (a senior professional for the House Agriculture Committee) as potential candidates.
Related: Reports indicate that Trump plans to nominate "crypto-friendly" Michael Selig as CFTC chairman.
Original: “CFTC Faces Leadership Vacancies, Michael Selig Confirms Nomination”
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