Michael Selig Confirms CFTC Nomination, but Questions Linger

US Securities and Exchange Commission (SEC) official Michael Selig announced that President Donald Trump had nominated him to chair the Commodity Futures Trading Commission (CFTC), citing a focus on crypto policies. The move still requires Senate approval and comes as the agency operates with several open seats.

In a Saturday X posts, Selig and White House crypto and AI czar David Sacks confirmed reports that Trump would nominate him to chair the CFTC, setting the groundwork for the departure of acting Chair Caroline Pham.

Selig, whose nomination did not appear in congressional records nor among official White House announcements at the time of publication, reiterated Trump’s goal of making the US a “crypto capital.”

The nomination came amid a US government shutdown entering its fifth week after Republican and Democratic lawmakers in Congress were unable to reach an agreement on a funding bill over concerns with healthcare cuts and subsidies.

Though the Senate is still able to pass legislation during a shutdown — including potentially a digital asset market structure bill – lawmakers’ priority will likely be a continuing resolution to fund the government.

Since the departure of CFTC Commissioner Kristin Johnson in September, the agency’s five-member leadership panel has been filled solely by Pham, who also said she intends to depart the regulator after her replacement is confirmed in the Senate. As of Monday, the Senate had not set a confirmation hearing for Selig.

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Selig’s nomination came after Trump withdrew Brian Quintenz’s name from consideration, whom he announced as his pick in February. Gemini co-founders Cameron and Tyler Winklevoss reportedly pressed for the White House to choose another candidate after Quintenz was unable to give assurances to the crypto billionaires on enforcement policies.

Former CFTC chair weighs in on government shutdown, agency’s staffing

Cointelegraph spoke to former CFTC Chair Chris Giarcarlo, known to many by the moniker “crypto dad,” on Oct. 14, on how the current political and legal environment could be affected by changing leadership at the commodities regulator.

“It would be very difficult for the CFTC to implement the rulemaking that’s required under CLARITY Act under an acting chair without a full commission, or at least a partial commission,” said Giancarlo. “I think the White House is very aware of that and they’re very desirous of getting the CFTC up to its staffing requirements so they can get on with their business, but also so that they can implement the pending CLARITY bill.”