Trump Nominates Michael Selig to Chair Commodity Futures Trading Commission

Selig pledged to help fulfil the president’s goal of making the United States ’the Crypto Capital of the World.’

Signage is seen outside of the U.S. Commodity Futures Trading Commission (CFTC) in Washington on Aug. 30, 2020. Andrew Kelly/Reuters

President Donald Trump has nominated Michael Selig to serve as chair of the Commodity Futures Trading Commission (CFTC).

White House Artificial Intelligence and Cryptocurrency czar David Sacks first announced the nomination in an Oct. 25 social media post.

“President Trump has made an excellent choice in Mike Selig to lead the [CFTC],” Sacks wrote. “As anyone who knows him will attest, [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 said Selig has been a key figure in advancing Trump’s cryptocurrency policies and has “deep experience” in more traditional commodities markets. Selig is currently serving as chief counsel on the Securities and Exchange Commission (SEC) Crypto Task Force and as a senior adviser for SEC chair Paul Atkins.

Sacks said he and Patrick Witt, executive director of the president’s working group on digital assets, look forward to working with Selig “to deliver on President Trump’s promise to make the U.S. the crypto capital of the planet.”

Trump advocated pro-crypto policies on the 2024 campaign trail and has set plans to establish a U.S. cryptocurrency strategic reserve.

In July, Trump signed the “Guiding and Establishing National Innovation for U.S. Stablecoins” or “GENIUS” Act, creating a regulatory framework for so-called stablecoins. Stablecoins are cryptocurrencies designed and intended to remain closely pegged to the value of specified assets such as the U.S. dollar.

“I am honored to be nominated by President Trump to serve as the 16th Chairman of the U.S. Commodity Futures Trading Commission,” Selig said in an Oct. 25 social media post in response to the announcement.

“With the President’s leadership, a Great Golden Age for America’s Financial Markets and a Wealth of New Opportunities stand before us. 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.“

The CFTC is typically made up of a bipartisan group of five commissioners. The president has historically nominated commissioners from both parties to serve.

Nominees to serve on the commission have to undergo a Senate confirmation vote.

Trump had originally named Brian Quintenz to chair the commission, but his nomination was stalled in the face of opposition from tech entrepreneur Tyler Winklevoss, who co-founded the recently-listed cryptocurrency exchange Gemini.

Reuters contributed to this article.