SEC Crypto Task Force head tapped to steer U.S. commodities watchdog amid growing digital asset oversight
President Donald Trump has nominated Mike Selig, current Chief Counsel of the SEC’s Crypto Task Force, as his choice to head the U.S. Commodity Futures Trading Commission (CFTC) — a move widely seen as a turning point for the country’s crypto regulation landscape.
If confirmed by the Senate, Selig would take the helm of the commodities watchdog at a time when Congress is considering giving the CFTC broad authority over spot crypto markets, including Bitcoin and Ethereum. The nomination follows Trump’s decision to withdraw his earlier pick, former CFTC Commissioner Brian Quintenz, whose confirmation failed to advance.
Pro-Crypto Regulator Positioned to Shape Future Policy
White House Crypto Czar David Sacks praised Selig’s selection, noting his dual expertise in digital assets and traditional commodities. “Mike has been instrumental in driving forward the President’s crypto agenda and brings deep experience from his previous work at the CFTC under former Chairman Chris Giancarlo,” Sacks said.
Selig expressed gratitude for the nomination, writing that he was “honored to be nominated” and pledged to promote freedom, competition, and innovation while ensuring well-functioning commodity markets.
Industry leaders also welcomed the move. Summer Mersinger, CEO of the Blockchain Association and former CFTC Commissioner, said, “Mike’s deep expertise in financial markets and digital assets makes him exceptionally well positioned to bring clarity and balance to the Commission’s work.”
CFTC’s Expanding Role in Crypto Oversight
The CFTC has long been viewed as the more crypto-friendly regulator compared to the SEC. It first classified Bitcoin as a commodity in 2015 and approved crypto futures trading in 2017. If Congress passes the Digital Asset Market Clarity Act, the agency could soon gain jurisdiction over spot trading in crypto commodities, a change that would cover most U.S. digital asset transactions.
The SEC, under Chairman Paul Atkins, has simultaneously ramped up its crypto enforcement efforts, signaling an evolving balance of power between the two agencies.
Industry Response and Expectations
Crypto advocacy groups have voiced strong support for Selig’s nomination. Amanda Tuminelli, Executive Director of the DeFi Education Fund, remarked, “He understands the technology and the importance of fostering innovation while ensuring regulatory clarity.”
Similarly, Ji Kim, CEO of the Crypto Council for Innovation, said Selig’s “informed approach to financial innovation makes him the right choice to lead the CFTC at this pivotal moment.”
If confirmed, Selig’s leadership is expected to cement a pro-innovation regulatory approach, positioning the U.S. to reclaim its edge in digital asset competitiveness while establishing clearer guardrails for the fast-evolving crypto market.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.