Trump’s Bold Move: Pro-Crypto Michael Selig to Take the CFTC Chair, Maybe?

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Ah, the sweet scent of political maneuvering. President Donald Trump, in yet another episode of “Who Will We Appoint Today?” is allegedly planning to nominate Michael Selig as the next chair of the Commodity Futures Trading Commission (CFTC). This comes after the somewhat dramatic withdrawal of Brian Quintenz’s nomination-because who doesn’t love a little suspense in Washington?

According to Bloomberg, a reliable source (unnamed, of course, because what’s a report without a good mystery?), Trump has his eye on Selig. But before we all get too excited, let’s remember: no official announcement has been made yet. So, it’s all still a delightful, unconfirmed rumor swirling in the political winds. 🌀

For those of us who don’t follow the inner workings of the SEC too closely (guilty), Selig currently serves as the chief counsel for the crypto task force at the Securities and Exchange Commission (SEC). He also happens to be a senior adviser to SEC Chair Paul Atkins, which, let’s face it, sounds as thrilling as watching paint dry. Still, some people in the crypto world seem quite happy about his potential move to the CFTC. “Pro-crypto” is the label they’ve slapped on him, which sounds like the political equivalent of “the cool kid in high school” at the moment.

But hold on-this isn’t a simple game of musical chairs. The CFTC nomination process came to a grinding halt back in September when Brian Quintenz’s nomination met some resistance from the Winklevoss twins (yes, the same ones who can probably run a small country at this point). In the end, Quintenz bowed out, claiming he would “return to the private sector.” I wonder if that’s code for “I’m going to the beach for a while.” 🌴

Now, let’s talk crypto-Trump’s been toying with the idea of giving the CFTC some crypto oversight since 2024. So, this nomination could be the latest chapter in that ongoing saga. Under Trump’s Working Group on Digital Assets, the CFTC might get to call the shots on spot crypto markets, while the SEC continues to be the guardian of securities (tokenized stocks, bonds, and the like). Clear as mud, right?

SEC and CFTC Team Up for Crypto Clarity (or Chaos?)

The Working Group’s big idea is to let the CFTC oversee the spot crypto markets, classifying most cryptocurrencies as commodities. All the other fun stuff-like tokenized bonds and securities-will remain under the SEC’s watchful eye. So, yes, we’ve got a plan… sort of.

In September, the two agencies issued a statement about “harmonizing” their efforts. For those of us who think “harmonizing” is just a nice way to say “we have no idea what we’re doing,” this could be a step toward clearer regulation. Or it could just be another way to throw a bunch of bureaucrats in a room and see what happens. 🍿

And, oh, in August, the CFTC announced a “crypto sprint” to implement recommendations from the White House’s Working Group. (No, it’s not an actual race-sorry to disappoint.)

There have also been rumors that the SEC and CFTC might merge into one glorious regulatory entity. Can you imagine the paperwork? But before you get your hopes up for a brand-new super-agency, SEC Chair Paul Atkins swiftly denied the rumors. Apparently, only the US president or Congress can pull off such a merger. But who’s to say they won’t try? The power of bureaucracy knows no bounds.

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2025-10-25 01:58