Michael Selig Sworn in As CFTC Chair: Crypto-Savvy Regulator Inherits High-Stakes Pilots

Michael Selig was sworn in Sunday as the 16th chairman of the Commodity Futures Trading Commission, stepping into the role as the agency’s acting chair Caroline Pham departs for the private sector. Selig—confirmed by the Senate on Dec. 18—takes the helm at a pivotal moment for crypto regulation, inheriting several high-profile CFTC pilots and facing potential congressional action on digital-asset market structure. A crypto-savvy regulator Selig arrives with deep crypto and derivatives experience. He most recently served as chief counsel of the SEC’s Crypto Task Force and as a senior advisor to former SEC Chair Paul Atkins. In private practice he was a partner at an international law firm representing commercial end users, futures commission merchants, commodity trading advisors, swap dealers and digital-asset firms. At the SEC he helped craft regulatory frameworks for digital-asset securities markets and worked on efforts to harmonize SEC and CFTC oversight, including contributions to the President’s Working Group report on “Strengthening American Leadership in Digital Financial Technology.” “We are at a unique moment,” Selig said after his swearing-in, noting a surge of novel technologies and retail participation in commodity markets—and warning that Congress may soon pass legislation on digital-asset market structure. “Under my leadership, the CFTC will conquer these great frontiers and ensure that the innovations of tomorrow are Made in America,” he added, pledging to protect the stability and security of U.S. commodity derivatives markets during rapid transformation. What Selig inherits During Pham’s nearly four-year tenure—much of it as acting chair—the CFTC launched a string of initiatives that directly affect crypto markets: - The Crypto Sprint: Launched in January to implement recommendations from the President’s Working Group on Digital Asset Markets, it paved the way for closer involvement of the CFTC in digital-asset market structure. - Spot trading and collateral pilots: The agency enabled spot crypto trading on CFTC-registered futures exchanges and launched a digital-asset markets pilot program that permits Bitcoin, Ether and USDC to be used as collateral. - Automated surveillance and operational reforms: The CFTC deployed its first automated market surveillance system—a move the agency says saves nearly $50 million in annualized costs—while restructuring operations and introducing regulatory relief measures that unlocked tens of billions in capital for market participants. - Energy market and other pilots: The agency also rolled out pilot programs aimed at improving market liquidity in energy markets. Prediction markets: Pham granted no-action relief to four prediction market operators—Polymarket US, LedgerX, PredictIt and Gemini Titan—on the condition of full collateralization and transaction transparency. The move came amid a surge of prediction market activity and interest from big crypto and trading platforms, including Coinbase and Robinhood. Pham departs for MoonPay Pham said it was “the honor of a lifetime” to lead the CFTC through “a historic moment for market structure and innovation.” She leaves to become chief legal officer and chief administrative officer at MoonPay, where she will head legal and policy as the payments platform expands its enterprise stablecoin business. Pham welcomed Selig’s nomination in her departure message: “His pragmatic, common-sense approach will ensure the CFTC strikes the right balance of innovation and market integrity.” A broader talent flow to industry Pham’s move continues a recent pattern of CFTC and crypto-policy veterans shifting to the private sector. Former CFTC commissioner Summer Mersinger joined the Blockchain Association, and Bo Hines—previously executive director of the White House Crypto Council—recently took a role at Tether. What to watch next Selig inherits active CFTC pilots and the task of shepherding them forward, but Congress could soon change the regulatory landscape: lawmakers are expected to advance digital-asset market-structure legislation that may land on the president’s desk. How Selig balances innovation, market integrity and interagency coordination (particularly with the SEC) will shape how crypto is traded, cleared and supervised in the years ahead. Read more AI-generated news on: undefined/news