Nikolas Sargeant
Securities and Exchange Commission official Michael Selig has confirmed that President Donald Trump nominated him to chair the Commodity Futures Trading Commission, emphasizing a focus on cryptocurrency policies. The nomination, which requires Senate approval, comes as the CFTC operates with multiple vacant commissioner seats and an acting chair preparing to depart once a replacement is confirmed.
Selig's nomination follows Trump's withdrawal of Brian Quintenz from consideration after the initial nominee reportedly could not provide sufficient assurances to crypto industry figures regarding enforcement policies. The announcement emerged through social media posts from Selig and White House crypto czar David Sacks, though official congressional records had not yet reflected the nomination at the time of reporting.
The nomination arrives during a fifth week of government shutdown, with Congress deadlocked over funding legislation. While the Senate retains authority to confirm nominations during a shutdown, lawmakers face competing priorities between resolving the funding crisis and advancing other legislative matters, including potential digital asset market structure bills.
Former CFTC Chair Chris Giancarlo highlighted the challenges facing the agency, noting that implementing crucial rulemaking under the pending CLARITY Act would prove difficult without a full commission. The CFTC currently operates with only acting Chair Caroline Pham on its five-member leadership panel, following Commissioner Kristin Johnson's September departure, leaving the agency in a precarious position as it navigates evolving cryptocurrency regulation.
