Michael Selig Nominated as US CFTC Chair, Awaits Senate Approval

Bloomberg reports that U.S. President Donald Trump has nominated Michael Selig to lead the Commodity Futures Trading Commission (CFTC). This nomination is crucial as lawmakers aim to give the CFTC more authority over digital assets, with several related bills pending in Congress.

Key Points

Michael Selig is currently the chief counsel for the SEC's Crypto Task Force and has previous experience at the CFTC under former Chairman Chris Giancarlo.
The Senate must approve Selig's nomination before he can officially become CFTC Chairman.
The nomination follows the exit of former CFTC Chair Rostin Behnam, with Caroline Pham currently serving as acting Chair.
Industry figures, including Amanda Tuminelli from DeFi Education Fund and White House AI and Crypto Czar David Sacks, support Selig's nomination, citing his expertise and innovative approach to regulation.
Selig is recognized for his knowledge of financial markets and commitment to modernizing regulatory practices to enhance America's competitiveness in the digital asset sector.