Trump finds CFTC nominee replacement in SEC crypto regulator
President Donald Trump has nominated Mike Selig, the chief counsel of the Securities and Exchange Commission’s Crypto Task Force, as the new chairman of the commodity Futures Trading Commission (CFTC). This nomination came after the White House withdrew the previous nominee,Brian Quintenz,due to opposition from influential cryptocurrency investors like Cameron and Tyler Winklevoss. Mike Selig is praised for his deep knowledge of financial markets and his efforts to modernize regulations to keep the U.S. competitive in the digital asset space. His prior experience includes working under former CFTC Commissioner Christopher Giancarlo. The CFTC regulates U.S. derivatives markets, and Selig’s confirmation is expected to help advance the Trump management’s goal of making the United States the global leader in cryptocurrency innovation. Acting chair Caroline Pham is anticipated to leave the commission upon Selig’s confirmation.
Trump finds CFTC nominee replacement in SEC crypto regulator Mike Selig
President Donald Trump has chosen a replacement to head the Commodity Futures Trading Commission after the White House pulled his previous nominee, who faced opposition from Republican-aligned cryptocurrency investors.
Mike Selig, chief counsel of the Securities and Exchange Commission’s Crypto Task Force, was tapped as the new CFTC nominee, White House AI and crypto czar David Sacks announced early Saturday.
“President Trump has made an excellent choice in Mike Selig to lead the [CFTC],” Sacks wrote on X. “As anyone who knows him will attest, [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.”
Sacks went on to tout Selig’s current work on the SEC Crypto Task Force and his position under former CFTC Commissioner Christopher Giancarlo a decade ago. Sacks says Selig’s nomination helps further the Trump administration’s goal to make the United States the “crypto capital of the planet.”
The CFTC is an independent federal agency that handles the U.S. derivatives markets, including option trading. The agency’s website says its mission is to promote the “integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.”
Selig replaces Brian Quintenz, whose nomination was challenged by crypto billionaires Cameron and Tyler Winklevoss. The identical twins were concerned Quintenz wasn’t aligned with Trump’s agenda.
Their opposition preceded the White House’s decision to pull his nomination at the last minute. Quintenz was once expected to be easily confirmed in the Senate.
Republican commissioner Caroline Pham, who currently serves as the commission’s acting chair, is expected to leave the agency upon Selig’s confirmation.
WHITE HOUSE YANKS BRIAN QUINTENZ NOMINATION TO HEAD COMMODITY FUTURES TRADING COMMISSION
Selig said he was honored to be nominated by the president for the position.
“With the President’s leadership, a Great Golden Age for America’s Financial Markets and a Wealth of New Opportunities stand before us,” he posted on X Saturday afternoon. “I pledge to work tirelessly to facilitate Well-Functioning Commodity Markets, promote Freedom, Competition and Innovation, and help the President make the United States the Crypto Capital of the World.”
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
