Trump's Crypto Regulator Nominee Michael Selig Faces Senate Confirmation Amid CFTC Leadership Challenges
Michael Selig, nominated by former President Trump to lead the Commodity Futures Trading Commission (CFTC), is facing a full Senate confirmation vote as soon as today following a 12-11 party-line committee approval.
Selig currently serves as chief counsel for the SEC’s Crypto Task Force and has extensive experience advising blockchain clients and shaping digital asset policy.
The CFTC has experienced a leadership vacuum since January, with Chair Rostin Behnam resigning, Kristin Johnson leaving in September, and the planned departure of Caroline Pham to MoonPay, leaving the commission with only five barely functional seats.
Concerns have been raised by lawmakers regarding staffing levels, which currently stand at 543 employees, and whether the agency can manage expanded crypto oversight under pending legislation, including the CLARITY Act.
Previously, the White House withdrew its nominee Brian Quintenz and considered alternatives such as Josh Sterling and Tyler Williams before nominating Selig.
Acting Chair Caroline Pham announced the withdrawal of the 2020 "actual delivery" guidance, transitioning crypto regulation towards a technology-neutral framework and easing certain compliance barriers.
On December 4, 2025, the CFTC approved spot crypto trading on federally regulated futures exchanges.
Additionally, on December 8, it launched a Crypto Sprint pilot program to permit the use of Bitcoin, Ether, and USDC as collateral in derivatives, requiring weekly holding reports.
The agency also issued guidance permitting tokenized real-world assets, such as U.S. Treasuries and money market funds, to be evaluated under existing frameworks, and granted no-action relief for certain non-securities digital assets used as customer margin, addressing custody and valuation risks.
House Agriculture Committee Chairman Glenn Thompson indicated plans to invite Selig early next year to discuss the CFTC’s first reauthorization in over a decade.
The PWG framework is expected to assign the CFTC primary oversight responsibility for spot crypto markets.
