President Trump has tapped Michael Selig as his nominee to be the next CFTC chairman.
Grygo is the chief content officer for FTF & FTF News.
The nomination of Michael “Mike” Selig, who is chief counsel of the Crypto Task Force and senior advisor to Paul Atkin, chairman of the Securities and Exchange Commission (SEC), as the next chairman for the U.S. Commodity Futures Trading Commission (CFTC) has apparently been clarified via social media postings by President Trump and others.
Over the coming weeks (and I hope, only weeks), social media may become an essential means of communication for the naming of key regulatory posts (and other matters), given the shutdown of the federal government and the end of public relations flows from the regulators.
Just to add to the clarification, Caroline D. Pham has been the Acting Chair of the CFTC since January 20, 2025. She will hold that post until the U.S. Senate confirms Selig. For now, there are no other CFTC commissioners because of resignations and delays in making new appointments.
All the while, the most recent nominee for the top post, Brian Quintenz, was waiting in the wings. But his nomination reportedly was opposed by some of the president’s supporters who had concerns about whether he was fully on board with the Trump agenda. The White House stepped back from the Quintenz nomination late last month and recently moved ahead with the Selig nomination.
“Being nominated to chair the CFTC and going through the confirmation process was the honor of my life,” Quintenz said in a response to a POLITICO story on Sept. 30. “I am grateful to the President for that opportunity and to the Senate Agriculture Committee for its consideration. I look forward to returning to my private sector endeavors during this exciting time for innovation in our country.”
Mike Selig
Shortly after the President’s social media posting, Selig posted via X: “I am honored to be nominated by President Trump to serve as the 16th Chairman of the U.S. Commodity Futures Trading Commission. 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.”
That posting confirms Selig’s nomination, his embrace of the Trump agenda, and an affection for capitalization.
Pham quickly congratulated Selig via X and noted: “I have known and worked with Mike since his service with former CFTC Chairman @giancarloMKTS. Mike’s deep familiarity with CFTC markets will benefit all our constituents, from agricultural and energy producers to exchanges and market participants, and digital asset firms.”
She adds that she has “enjoyed working with Mike in his current role as Chief Counsel of the SEC … Mike is the right leader for this pivotal moment for innovation and market structure. Together, the CFTC’s Crypto Sprint and SEC’s Project Crypto will usher in a new Golden Age of Crypto.”
But, before any Golden Age gets underway, the U.S. Senate must confirm Selig, and the President (presumably with help from his White House staff) will have to appoint four new CFTC commissioners — two from both parties. “No more than three Commissioners at any one time may be from the same political party,” according to the CFTC’s rules.
Caroline D. Pham
And, by the way, it would help the CFTC (and the world) if all sides in the federal government shutdown could come to an agreement and get the government running again.
Otherwise, we may have governance beyond the regulators handled via social media. And does anyone really want that?
Need a Reprint?