Michael Selig is now running the show at the Commodity Futures Trading Commission, and the vibe around crypto regulation is already starting to shift. He’s stepping in just as Caroline Pham heads out, ending a stretch where the agency kept wrestling with how tough it should get on digital assets.

With Selig in charge, it’s pretty clear Washington wants to move away from the old “surprise enforcement” routine. He’s always pushed for straightforward rules, saying that innovation actually needs clear boundaries to thrive. For crypto where everything from perpetuals to on-chain commodities tends to blur together this kind of clarity could change the game.

Pham, on her way out, always kept an eye on overreach and pushed for Congress to get more involved. Her departure doesn’t erase those worries, but it does look like the agency’s circling the wagons around a more practical, market-focused strategy. Folks in the industry are hoping this finally brings some real updates on stuff like custody, clearing, and risk management for crypto derivatives.

And the timing? Kind of perfect. Lawmakers are itching to get some market structure bills moving, and exchanges can’t get much done without the CFTC’s green light. With Selig calling the shots, people expect fewer mixed messages and maybe, finally, a little more cooperation between regulators, companies, and Congress.

Of course, it’s not all sunshine. If the market hits a rough patch or there’s another big blowup, this pro-innovation mood will get put to the test fast. But right now, the new leadership signals a real shift from confrontation to actually building something. It’s the kind of move the crypto world has been waiting on for a while.