The U.S. Senate on Thursday confirmed Michael Selig as the new chairman of the Commodity Futures Trading Commission (CFTC). He is a principal advisor to the Securities and Exchange Commission (SEC) on virtual currency issues.
Approval was a joint vote among dozens of candidates, with a 53-43 vote.
Selig is a lawyer specializing in derivatives, commodities and cryptocurrenciesI have a career that combines experience in the public and private sectors.
He began his career in the field at the CFTC itself as an assistant general counsel during the 2014-2015 chairmanship of J. Christopher Giancarlo. He then worked for private companies including Cadwallader, Wickersham & Taft, Perkins Coie, and Willkie, Farr & Gallagher.
In March 2025, the attorney returned to government by joining the SEC as chief counsel on the Virtual Currency Task Force. To promote the industry of these assets in the United States, the organization, along with the Trump administration, advanced various regulations favorable to this sector.
Without going any further, the SEC this week reversed a two-year-old policy restricting banks from operating in innovations such as cryptocurrencies. Additionally, this year, the organization surprised with initiatives such as holding a financial privacy roundtable and approving spot exchange traded funds (ETFs) for cryptocurrencies Solana (SOL), Dogecoin (DOGE), and XRP.
President Donald Trump nominates Selig to head CFTC This comes after the original candidate, Brian Quintenz, withdrew his candidacy.
And in November, Republican Sen. Cindy Hyde-Smith spoke out about her meeting with Selig. In it, he expressed interest in hearing their proposals to promote more transparent futures markets for the benefit of farmers and ranchers.
Sector support and opening signals at CFTC
This novelty generated a positive response from the industry. Cody Carbone, executive director of the Digital Chamber of Commerce, a trade association for the digital assets sector, welcomed Selig’s confirmation in a statement to U.S. media, highlighting his strong technology experience.
“His understanding of the industry’s value to consumers and investors will be critical as the commission and Congress draft the rules and laws that regulate America’s industry,” he said.
In 2025, CFTC sent concrete signals of openness to innovation. Just a few days ago, the organization announced the launch of a pilot program that will allow the use of Bitcoin, Ether (ETH), and the stablecoin USDC Coin (USDC) as collateral in the US regulated derivatives market.
As reported by CriptoNoticias, the initiative aims to provide a secure alternative to the platform. offshoreintegrate digital assets into the regional financial system and strengthen customer monitoring and protection mechanisms.