New reports reveal that United States President Donald Trump has picked pro-crypto Michael Selig as the new chair nominee for the Commodity Futures Trading Commission. The CFTC’s role involves overseeing the futures, options, and crypto markets, ensuring these industries operate fairly and transparently while protecting participants from fraud and manipulation. With Selig being a widely recognized crypto supporter, this move by Trump could significantly impact the regulatory landscape of digital assets. 

Trump Nominates Pro-Crypto Selig As CFTC Chair

According to a Bloomberg report on October 24, Trump selected Selig to chair the CFTC, sending his nominations to the Senate for confirmation hearings. Selig currently serves as the Chief Counsel for the Crypto Task Force and Senior Advisor to the Chairman of the US Securities and Exchange Commission, Paul S. Atkins.

Notably, Selig had also worked as a partner specializing in crypto at the law firm Willkie Farr & Gallagher. His career has been closely aligned with the cryptocurrency industry, while harmonizing regulatory strategies for the SEC and the CFTC across both traditional and digital finance sectors. 

If his nomination is confirmed, Selig would lead the CFTC at a crucial moment, as Congress considers bills that could significantly expand the agency’s oversight and authority of the crypto and digital asset markets. Interestingly, this is not the first time Trump has nominated a candidate for the chair position of the CFTC. 

Selig’s nomination marks the second attempt to fill the role. Trump previously chose Brian Quintenz, the former commissioner of the CFTC and a previous Head of Policy at venture capital firm Andreessen Horowitz (a16z). However, Quintenz was withdrawn from consideration after concerns over potential conflicts of interest were raised by prominent industry figures, including Gemini founders Tyler and Cameron Winklevoss. 

Crypto Community Reacts To Selig’s Nomination

The crypto community has largely welcomed Selig’s nomination as the CFTC Chair, viewing it as a potential turning point for regulatory clarity in the crypto sector. Chris Dixon, a managing partner at Andreessen Horowitz, emphasized the timing of the nomination as crucial for the passage of market structure legislation, noting that Selig’s leadership could provide clear, actionable rules for developers and consumers alike. 

Kristin Smith, the President of the Solana Institute, praised Selig as an “outstanding choice” whose expertise in the cryptocurrency and regulatory sectors could strengthen coordination between the US SEC and the CFTC. Moreover, she believes that as the next chair of the CFTC, Selig could foster a pro-crypto innovation-friendly environment in the US. 

Other members of the crypto community echoed similar positive sentiments, with some expressing optimism that Selig’s leadership could be bullish for the crypto market. Many expect his tenure to coincide with a more streamlined and supportive regulatory framework, which could potentially accelerate adoption and innovation within the digital asset industry. 

Featured image from Getty Images, chart from TradingView

Bitcoin Magazine

Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC

President Donald Trump has selected Michael Selig, chief counsel for the Securities and Exchange Commission’s crypto task force, to chair the Commodity Futures Trading Commission (CFTC).

Selig’s nomination, first reported by Bloomberg, marks Trump’s second attempt to fill the CFTC’s top post, following the stalled nomination of Brian Quintenz, a16z crypto’s global policy chief, amid opposition from Gemini co-founder Tyler Winklevoss. 

Selig, who serves as an aide to SEC Chairman Paul Atkins, has been instrumental in coordinating regulatory approaches between the SEC and CFTC on financial and crypto market oversight.

The CFTC, which regulates futures, swaps, and prediction markets, is gaining greater prominence as Congress considers new crypto market structure legislation. 

Before joining the SEC, he was a partner at Willkie Farr & Gallagher, specializing in asset management.

Selig’s appointment will require Senate confirmation.

JUST IN: President Trump selects Michael Selig as CFTC chair amid crypto growth. pic.twitter.com/VeFZITp8U6

— Bitcoin Magazine (@BitcoinMagazine) October 24, 2025

President Trump’s growing support for crypto

President Donald Trump also recently granted a full pardon to Binance founder Changpeng Zhao, calling his prosecution part of the prior administration’s “war on cryptocurrency.” 

The move, confirmed by the White House, clears Zhao’s record and echoes a major shift in the government’s approach to the crypto industry.

Selig’s appointment comes as momentum behind U.S. crypto legislation accelerated this week as Coinbase CEO Brian Armstrong said the industry was “90%” of the way toward securing passage of the Digital Asset Market Clarity Act, or CLARITY Act. 

Despite a partial government shutdown, lawmakers from both parties reportedly made major progress on the long-awaited market structure bill.

Armstrong met with senators from both parties, including Majority Leader Chuck Schumer, Sens. Kirsten Gillibrand, Cynthia Lummis, and Tim Scott, describing the discussions as “very productive.” 

The bill, which passed the House in July with a bipartisan 294–137 vote, aimed to clarify which digital assets fall under the SEC versus the CFTC, while providing rules for decentralized finance (DeFi), stablecoins, and custody services.

The final sticking points centered on how to regulate DeFi and whether consumers could earn rewards on stablecoins. Crypto advocates urged lawmakers to target regulation at intermediaries rather than open-source code and warned that the banking lobby sought to limit yield on stablecoin holdings.

Despite procedural delays from the shutdown, optimism remained high. Lummis said she expected the bill to reach President Trump’s desk before year-end, calling it the most significant bipartisan step toward U.S. crypto clarity to date.

This post Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC first appeared on Bitcoin Magazine and is written by Micah Zimmerman.