US President Donald Trump has selected Michael Selig to lead the Commodity Futures Trading Commission (CFTC) in a major development on Friday. This move adds to the long list of positive actions by the Trump administration targeted at providing regulatory clarity for the crypto industry.
Selig is a lawyer by profession and gained prominence working as a partner specializing in crypto at Willkie Farr and Gallagher LLP. The incoming CFTC boss has also previously worked as a clerk for former CFTC commissioner and chairman Chris Giancarlo. Presently, Selig serves as chief counsel to the crypto task force of the US Securities and Exchange Commission (SEC) and also a Senior Adviser to SEC Chairman Paul Atkins.
Selig’s nomination has now been submitted to the US Senate. If approved, he will assume leadership of the CFTC at a pivotal moment, as regulators and legislators work to shape a federal regulatory framework for the cryptocurrency industry. Selig’s tenure must maintain focus on the challenge of bridging regulatory approaches between the SEC and CFTC, aiming to establish clearer oversight for both traditional financial markets and digital assets.
With Selig’s appointment as the new CFTC Chairman, Trump takes another step in demonstrating his commitment to the crypto industry, fulfilling one of his key campaign promises in making America the crypto capital of the world.
At press time, the total crypto market cap is valued at $3.74 trillion after a 0.15% gain in the past day. Meanwhile, total trading volume is down by 15.06% and valued at $130.06 billion.
