Trump Nominates New Person To Lead Commodity Futures Trading Commission

President Donald Trump selected Mike Selig to chair the Commodity Futures Trading Commission (CFTC) after his first pick withdrew amid opposition from prominent cryptocurrency donors.

White House crypto czar David Sacks announced the nomination early Saturday. Sacks, in an X post, said 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.”

Selig currently serves as chief counsel for the Securities and Exchange Commission’s crypto task force and advises Securities and Exchange Commission Chair Paul Atkins. He previously worked as a partner at Willkie Farr & Gallagher and clerked at the CFTC. (RELATED: Trump Pardons Binance Founder After Helping Boost His Family’s Crypto Empire)

President Trump has made an excellent choice in Mike Selig to lead the @CFTC.

As anyone who knows him will attest, @MikeSeligEsq is deeply knowledgeable about financial markets and passionate about modernizing our regulatory approach in order to maintain America’s…

— David Sacks (@davidsacks47) October 25, 2025

The nomination comes after Trump withdrew Brian Quintenz, who faced last-minute resistance from crypto billionaires Tyler and Cameron Winklevoss, the Politico reported. The brothers questioned whether Quintenz aligned with Trump’s agenda, derailing what appeared to be a smooth confirmation process.

Once confirmed, Selig will lead the derivatives regulator as it prepares to expand oversight of the nearly $4 trillion crypto market. Congress is considering legislation that would grant the CFTC direct authority over digital assets like bitcoin and ether. The agency already regulates trillions of dollars in trading across complex financial products, election betting markets and oil futures.

The leadership uncertainty has slowed progress on crypto legislation, a top priority for Trump and the industry.

Acting Chair Caroline Pham currently leads the CFTC and has said she will depart once her successor receives Senate confirmation.