Trump Nominates Crypto Lawyer Mike Selig to Lead CFTC/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ President Trump has nominated crypto regulator Mike Selig to chair the Commodity Futures Trading Commission (CFTC). The move follows opposition from MAGA-aligned donors Tyler and Cameron Winklevoss that led to the withdrawal of previous nominee Brian Quintenz. Selig is expected to play a key role as lawmakers consider expanding the CFTC’s oversight of the $4 trillion crypto market.
Trump Nominates Mike Selig for CFTC Chair — Quick Looks
- Mike Selig nominated by Trump to lead the Commodity Futures Trading Commission.
- Selig currently serves as chief counsel for the SEC’s crypto task force.
- He would replace acting CFTC Chair Caroline Pham, who plans to depart.
- The nomination follows pushback from Tyler and Cameron Winklevoss against Trump’s prior pick.
- Selig previously clerked at the CFTC and was a partner at Willkie Farr & Gallagher.
- Lawmakers are considering legislation to give the CFTC authority over crypto markets.
- CFTC already regulates trillions in derivatives, oil futures, and prediction markets.
- Crypto regulation is a key policy focus for Trump’s second term.
Deep Look
Trump Nominates Crypto Law Expert Mike Selig as Next CFTC Chair Amid Industry Tensions
President Donald Trump has nominated Mike Selig, a top cryptocurrency legal advisor and regulatory veteran, to serve as the next chair of the Commodity Futures Trading Commission (CFTC), the White House confirmed Saturday.
The announcement, made by White House crypto policy chief David Sacks, comes at a pivotal time for the digital asset sector and amid ongoing political and industry tensions.
“Selig is deeply knowledgeable about financial markets and passionate about modernizing our regulatory approach in order to maintain America’s competitiveness in the digital asset era,” Sacks posted on X (formerly Twitter).
Selig’s nomination follows the withdrawal of Trump’s previous pick, Brian Quintenz, whose confirmation prospects were derailed by opposition from prominent MAGA donors and crypto investors Tyler and Cameron Winklevoss. The twin brothers, founders of the Gemini crypto exchange, reportedly questioned whether Quintenz was fully aligned with Trump’s policy agenda—putting pressure on the White House to pivot.
Who is Mike Selig?
Mike Selig brings a blend of regulatory, legal, and crypto-specific experience to the role. He currently serves as chief counsel for the U.S. Securities and Exchange Commission’s crypto task force, where he also advises SEC Chair Paul Atkins. Earlier in his career, he clerked at the CFTC, providing him with direct insight into the agency he’s now poised to lead.
Before his government roles, Selig was a partner at the law firm Willkie Farr & Gallagher, where he specialized in financial regulation and digital asset law.
His nomination positions him at the forefront of one of Washington’s most closely watched regulatory transitions, particularly as Congress inches closer to approving legislation that could expand the CFTC’s authority to oversee major digital currencies like bitcoin and ether.
A Strategic Appointment Amid Crypto Policy Gridlock
The CFTC, traditionally a regulator of derivatives, futures contracts, and commodities, is being increasingly called upon to regulate the $4 trillion cryptocurrency market—an area of intense focus for the Trump administration.
Trump has made crypto-friendly regulation a central theme of his second-term economic platform, aiming to position the U.S. as a global leader in blockchain innovation and digital finance. However, legislative momentum has slowed in recent weeks due to political wrangling and uncertainty over the CFTC’s leadership.
Selig’s nomination could provide the needed stability to move forward with long-stalled crypto legislation, which would formally grant the CFTC new oversight powers.
The Winklevoss Factor and MAGA Donor Influence
The abrupt withdrawal of Brian Quintenz, a former CFTC commissioner, highlighted the growing influence of high-profile Trump donors within the cryptocurrency world. The Winklevoss twins, both ardent Trump supporters and crypto advocates, were reportedly dissatisfied with Quintenz’s approach to industry regulation and his perceived distance from Trump’s deregulatory stance.
The episode reflects an emerging power struggle within the GOP and the broader crypto space—between technocratic regulators and ideologically driven investors seeking looser regulatory constraints.
With Selig, the Trump administration appears to have found a middle ground: a seasoned regulator who understands the complexities of financial oversight but is also deeply embedded in the digital asset ecosystem.
What’s Next for the CFTC?
Selig would take over from acting CFTC Chair Caroline Pham, who has led the agency on an interim basis and has indicated she will step down once a permanent chair is confirmed.
If confirmed by the Senate, Selig will face immediate pressure to define the agency’s role in the evolving crypto landscape, clarify jurisdictional boundaries between the CFTC and the SEC, and build a regulatory framework that satisfies both lawmakers and the growing digital asset industry.
Given the size and influence of crypto markets—and their increasing intersection with traditional finance—his leadership could shape the future of U.S. financial regulation for years to come.
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