President Trump nominated cryptocurrency regulator Mike Selig to head the Commodity Futures Trading Commission (CFTC), nearly a month after the Trump administration took over. withdrew his nomination By Brian Quintenz.
White House AI and crypto czar David Sachs declared Trump an “excellent choice” on Saturday morning. Sachs called Selig “deeply knowledgeable about financial markets and passionate about modernizing our regulatory approach to maintaining America’s competitiveness in the digital asset age.” Statement shared on social media platform X.
“Mike has not only played a key role in advancing the President’s crypto agenda as Chief Counsel [Securities and Exchange Commission (SEC)] Crypto Task Force He also has deep experience in traditional commodity markets from his time working under former Chairman Chris Giancarlo at the CFTC, Sachs wrote.
in oneself post on xSelig wrote that he pledges to “facilitate well-functioning commodity markets, foster freedom, competition, and innovation, and work tirelessly to help the President make the United States the crypto capital of the world.”
Selig serves as lead counsel for the SEC’s Crypto Task Force. He previously worked as a partner at the law firm Wilkie Farr & Gallagher, based in New York City.
Trump previously tapped Quintenz in February to run the CFTC. Quintenz, a former CFTC commissioner, accused crypto billionaire twins Cameron and Tyler Winklevoss of asking Trump to “withhold my confirmation for reasons other than those reflected in these texts,” Quintenz wrote in an X post on Sept. 10.
The text he was referring to shows that Tyler Winklevoss asked Quinten what he thought about the complaint that crypto exchange Gemini filed with the CFTC Inspector General. He cautioned the Winklevoss brothers that they should “consider carefully” if anyone at the CFTC communicates with you in an effort to undermine or impair my possible view of these things.
“I have never been one to release private messages,” Quintenz wrote in his X post. “But in light of my support for the President and my belief that he may have been misled, I have posted here the messages that contain the questions that Tyler Winklevoss asked me related to his prior litigation with the CFTC. I believe these texts make it clear what he wanted from me, and what I refused to promise.”
Commissioners Summer Mersinger and Christy Goldsmith Romero stepped down In anticipation of a new CFTC chief in May. Commissioner Kristin Johnson remained in her role until September 3.
Acting Chairwoman Caroline Pham, who was selected to lead the commission when Trump returns to the White House in January, also congratulated Selig.
“Mike’s deep knowledge of CFTC markets will benefit all of our constituents, from agriculture and energy producers to exchanges and market participants and digital asset firms.” written on x“Mike is the right leader for this critical moment for innovation and market structure. Together, the CFTC’s Crypto Sprint and the SEC’s Project Crypto will usher in a new golden age of crypto.”
