Senate confirms crypto expert Michael Selig as next CFTC chairman
The selection process for a new chair of the Commodity Futures Trading Commission (CFTC) has finally come to a close after nearly a year of hearings and nomination changes.
The Senate confirmed crypto expert Michael Selig as CFTC Chairman, ending an arduous selection process by a 53-43 vote. His confirmation was part of a batch vote that confirmed 97 nominations with a single action. Selig, who has served as chief counsel for the SEC’s Crypto Task Force, was nominated by Trump behind his experience in finance and crypto.
“I look forward to working with Chairman Selig to ensure the CFTC offers clear and pragmatic regulation of risk management markets, and particularly as Congress considers legislation to expand its authority related to digital commodities,” said Senate Committee on Agriculture, Nutrition, and Forestry Chairman John Boozman.
Selig joins the CFTC as chairman after previously working at the commission for the office of former commissioner J. Christopher Giancarlo. Selig is also the Senior Advisor to Paul Atkins, who was sworn in as SEC’s 34th chairman earlier this year.
How Selig plans to approach sports event contracts
Last month, Selig went in front of the Senate Committee on Agriculture, Nutrition, and Forestry for a confirmation hearing about his potential role as CFTC chair. Selig deflected questions asked by committee members about his potential approach to sports event contracts. During the hearing, Selig declared that he would defer to the courts on the matter, using the courts as a reference to how to navigate the legality and regulation of sports-related trading markets with event contracts currently regulated by the CFTC.
“I intend to always adhere to the law and follow what judicial decisions tell me to follow,” said Selig when asked by the committee about the enforcement of sports event contracts. “I also believe that these types of issues are ones we can work through together. Some of them are Congressional issues, as to whether we change statutes in certain areas.”
Selig also plans to look to the courts to address how gambling relates to event contracts. He also wants to refer to the courts in addressing integrity concerns about the vertical.
The Senate committee voted 12-11 to advance Selig’s nomination despite his deflections.
CFTC remains shorthanded amid Selig’s confirmation
Once sworn in as the 15th chairman of the CFTC, Selig will replace Acting Chair Caroline Pham, who has been leading the agency since January 2025 after several commissioners resigned from their roles. Pham is planning to leave the CFTC following Selig’s exit, which will continue to leave a void at the commission. The CFTC is typically comprised of five commissioners who are appointed by an active U.S. President. Selig’s appointment, along with Pham’s exit, would leave the CFTC with only one active and confirmed commissioner.
Pham is planning to join crypto-focused fintech company MoonPay, where she will serve as the company’s chief legal officer and chief administrative officer after leaving the CFTC.
In addition to Selig, Senate members also approved the confirmation of Travis Hill, who has been appointed as chairman of the Federal Deposit Insurance Corporation (FDIC).
Trump ditched Quintenz as CFTC chair nominee
Brian Quintenz was Trump’s previous nominee for CFTC chair before his nomination process stalled earlier this year amid reconsideration requests by key stakeholders in crypto and finance, including billionaire twins Tyler and Cameron Winklevoss. Quintenz’s nomination never received a formal vote by the Senate Committee on Agriculture, Nutrition, and Forestry that would have allowed for consideration by the full Senate floor.
His nomination also received scrutiny over his ties to Kalshi and Crypto.com. Quintenz, who remains a “trusted ally” to the Trump administration, was being considered as CFTC chair while on the board of directors at Kalshi. He also had a stint as a Crypto.com advisor.
Quintenz’s nomination was also questioned by the American Gaming Association and tribal gaming associations in a letter sent to the Senate committee earlier this year.
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