Michaela
President Donald Trump has nominated Michael Selig, a veteran financial regulator and chief counsel of the SEC’s Crypto Task Force, to chair the U.S. Commodity Futures Trading Commission (CFTC). The nomination has drawn praise from industry leaders who spotlight Selig’s expertise in fostering innovation through clear and effective regulation.
Key points:
- President Trump has nominated Michael Selig, SEC Crypto Task Force chief counsel, to chair the CFTC, earning praise for his pro-crypto stance and regulatory expertise.
- White House crypto advisor David Sacks highlighted Selig’s experience in financial markets and commitment to modernizing U.S. regulatory frameworks for digital assets.
- Selig’s nomination follows the withdrawal of Brian Quintenz, after concerns from Gemini co-founders Tyler and Cameron Winklevoss reportedly influenced the White House to explore alternative candidates.
On October 24, White House crypto advisor David Sacks took to X to commend President Trump’s selection of Selig to lead the CFTC. Sacks spotlighted Selig’s extensive expertise in financial markets and his commitment to modernizing U.S. regulatory frameworks to keep the country competitive in the evolving digital asset landscape.
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“Mike has not only been instrumental in driving forward the President’s crypto agenda as Chief Counsel of the SEC Crypto Task Force,” Sacks wrote.
Selig replied to Sacks’ X post, expressing his gratitude for President Trump’s nomination and stating he is honored to be considered as the 16th Chairman of the CFTC. “With the President’s leadership, a Great Golden Age for America’s Financial Markets and a Wealth of New Opportunities stand before us,” Selig wrote. “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 added.
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Selig’s nomination comes after the White House withdrew Brian Quintenz’s bid to lead the CFTC, a process that had initially appeared likely to succeed. Reports indicated that uncertainty around Quintenz arose in July, when Gemini co-founders Tyler and Cameron Winklevoss told President Trump that his views diverged from the administration’s priorities. Following this, the White House asked the Senate Agriculture Committee to delay a scheduled meeting that could have moved his nomination toward a full Senate vote.
Quintenz suggested that the Winklevoss brothers may have overstated their concerns to President Trump. In early September, he shared screenshots of July messages with Tyler Winklevoss, in which Winklevoss referenced “7 years of lawfare trophy hunting,” primarily related to Gemini’s June 2025 CFTC complaint alleging investigative misconduct. The pair had agreed to revisit the discussion, though it is unclear if a follow-up occurred. After Quintenz released the messages, reports indicated that the White House began considering alternative candidates for CFTC chair.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
