Politico Pro: SEC Official Mike Selig Is Top Contender for CFTC Chair
Mike Selig, a top official on the Securities and Exchange Commission (SEC) cryptocurrency task force, is now the leading candidate to be the next chairman of the Commodity Futures Trading Commission (CFTC). This news comes from sources familiar with the internal White House discussions, as reported by Politico Pro.
A White House representative confirmed that President Donald Trump will announce the new CFTC nominee “in the near future.” If nominated, Selig would replace Brian Quintenz, whose nomination was recently withdrawn.
Expertise Spans Crypto and Derivatives
Selig brings a background that combines traditional legal practice and direct experience with both major financial regulators. He previously worked as a lawyer for former CFTC Commissioner Chris Giancarlo from 2014 to 2015.
Giancarlo later served as the agency’s chairman during the first Trump administration. Before joining the SEC, Selig worked as a partner at the law firm Willkie Farr & Gallagher.
Selig has reportedly moved ahead of other contenders for the role. Other candidates named in the discussions include Tyler Williams, a crypto policy adviser for Treasury Secretary Scott Bessent, former CFTC official Josh Sterling, and former CFTC Commissioner Jill Sommers.
Leading the CFTC Into a Crypto Era
The appointment comes at a crucial time for the CFTC. The agency is poised to become a central regulator in the U.S. financial landscape. Congress is currently considering legislation that would significantly expand the CFTC’s authority to include oversight of major cryptocurrency tokens, such as Bitcoin and Ether. The Trump administration has prioritized making the U.S. the “crypto capital of the world,” which necessitates strong leadership at the CFTC to oversee these new regulatory powers.
The CFTC is also grappling with a surge of interest in prediction markets. These financial exchanges allow users to trade contracts based on the outcomes of Federal Reserve meetings, U.S. elections, and sporting events.
The previous nominee, Quintenz, faced criticism from the traditional gambling industry over his ties to the prediction market platform Kalshi. His withdrawal was reportedly pushed by high-profile crypto figures who claimed he did not align with the president’s agenda. Selig’s nomination seeks to bring steady leadership to the agency as it manages these complex, high-stakes issues.
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