Michael Selig Sworn in as 16th Chairman of CFTC as Caroline Pham Departs
Michael Selig was sworn in as the 16th chairman of the Commodity Futures Trading Commission (CFTC), succeeding acting chair Caroline Pham, who departs after nearly four years of service. Pham leaves the agency to join MoonPay as its chief legal officer (CLO).
Pham's tenure was marked by aggressive pro-crypto regulation and modernization initiatives. Her final year saw significant crypto-policy developments including the execution of the Crypto Sprint, enabling spot crypto trading on CFTC-registered futures exchanges, and launching a digital asset markets pilot using Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) as collateral.
Additionally, Pham granted no-action relief to four prediction-market operators—Polymarket US, LedgerX, PredictIt, and Gemini Titan—imposing collateralization and transparency requirements. Under her leadership, the CFTC also deployed its first automated market surveillance system, yielding annual savings of approximately $50 million, and restructured operations for improved efficiency.
Michael Selig, confirmed by the Senate on December 18, 2025, previously served as chief counsel of the SEC Crypto Task Force and senior advisor to SEC Chairman Paul Atkins. He frames his upcoming tenure at the CFTC as the start of a new chapter focused on building regulatory frameworks for emerging technologies amid anticipated digital asset legislation.
Pham's departure and Selig's appointment come as the CFTC positions itself for forthcoming industry changes and further digital asset regulatory developments.
