Trump Taps SEC Vet Mike Selig to Lead CFTC

President Donald Trump has reportedly chosen his nominee to head the U.S. Commodity Futures Trading Commission (CFTC).

As Coindesk reported Sunday (Oct. 26), Trump is backing ex-Securities and Exchange Commission (SEC) lawyer Mike Selig to lead the regulator, after pulling his previous pick — former CFTC Commissioner Brian Quintenz — earlier this month.

As the report noted, the question of leadership at the CFTC could be a key matter for the cryptocurrency sector as Congress considers the agency’s role in regulating digital assets transactions. If Selig is confirmed by the Senate, he will likely help oversee the implementation of new U.S. crypto policies.

The report added that White House Crypto Czar David Sacks confirmed that Selig, long rumored to be Trump’s number one choice, would be given the nod early Saturday (Oct. 25) in a post on the X social media network.

“Mike has not only been instrumental in driving forward the President’s crypto agenda as Chief Counsel of the SEC Crypto Task Force, he also brings deep experience in traditional commodities markets from his time working at the CFTC under former Chairman Chris Giancarlo,” Sacks wrote.

The White House pulled its nomination of Quintenz on Oct. 1, despite the widely held belief that he would sail through his Senate confirmation.

A report by Politico said the move followed concerns from prominent crypto industry figures over Quintenz’s commitment to Trump’s aim of making the U.S. into a global leader in the digital assets field. Among those raising concerns were Tyler and Cameron Winklevoss, the billionaire twins who now head the crypto company, Gemini.

In a call with Trump in July, the report said, the brothers warned that Quintenz was insufficiently aligned with the president’s agenda and pushed him to drop the nomination.

As PYMNTS wrote in September, the lack of a CFTC head is holding back the CLARITY Act, a crucial piece of crypto legislation.

“Implementation of the CLARITY Act, a key tentpole in Donald Trump’s promise to make America the ‘crypto capital of the world,’ would require robust leadership at the CFTC,” that report said.

“But because the chairman has yet to be confirmed, the agency is operating at reduced capacity and could risk lacking a quorum or even basic leadership during a phase when the burden of regulatory change will be heavy.”

Now that Trump has picked a new CFTC nominee, that legislation faces another hurdle: the ongoing government shutdown, now in its 25th day.