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President Donald Trump has selected Michael Selig, chief counsel for the Securities and Exchange Commission\u2019s crypto task force, to chair the Commodity Futures Trading Commission (CFTC).<\/p>\n
Selig\u2019s nomination, first reported<\/a> by Bloomberg,<\/em> marks Trump\u2019s second attempt to fill the CFTC\u2019s top post, following the stalled nomination of Brian Quintenz<\/a>, a16z crypto\u2019s global policy chief, amid opposition<\/a> from Gemini co-founder Tyler Winklevoss.\u00a0<\/p>\n Selig, who serves as an aide to SEC Chairman Paul Atkins<\/a>, has been instrumental in coordinating regulatory approaches between the SEC and CFTC on financial and crypto market oversight. <\/p>\n The CFTC<\/a>, which regulates futures, swaps, and prediction markets, is gaining greater prominence as Congress considers new crypto market structure legislation.\u00a0<\/p>\n Before joining the SEC, he was a partner at Willkie Farr & Gallagher, specializing in asset management.<\/p>\n Selig\u2019s appointment will require Senate confirmation.<\/p>\n President Donald Trump also recently granted<\/a> a full pardon to Binance founder Changpeng Zhao, calling his prosecution part of the prior administration\u2019s \u201cwar on cryptocurrency.\u201d\u00a0<\/p>\n The move, confirmed by the White House, clears Zhao\u2019s record and echoes a major shift in the government\u2019s approach to the crypto industry.<\/p>\n Selig\u2019s appointment comes as momentum behind U.S. crypto legislation accelerated this week as Coinbase CEO Brian Armstrong said<\/a> the industry was \u201c90%\u201d of the way toward securing passage of the Digital Asset Market Clarity Act, or CLARITY Act.\u00a0<\/p>\nPresident Trump\u2019s growing support\u00a0for crypto<\/h2>\n