Rich by Coin

The U.S. Senate confirmed Michael Selig as the 15th chairman of the Commodity Futures Trading Commission, ending nearly a year of interim leadership. He brings prior experience from both the CFTC and the SEC’s Crypto Task Force. Selig’s confirmation comes as Congress debates expanding the CFTC’s role in crypto markets, and he will oversee onshore crypto activity and related pilot programs. He will succeed acting chair Caroline Pham, who has led the agency for much of 2025.

Selig began his career at the CFTC in 2014 as a law clerk to then-Commissioner Christopher Giancarlo. After leaving the agency, he spent years in private practice advising trading firms, exchanges, and digital asset companies on compliance with U.S. securities and commodities laws. He returned to government earlier this year as chief counsel to the SEC’s Crypto Task Force, serving as a senior advisor to Chairman Paul Atkins. That role placed him at the center of inter-agency discussions on how digital asset markets should be supervised.

During his confirmation hearing, Selig indicated a preference for a lighter regulatory touch where feasible while insisting the CFTC stays vigilant against fraud, manipulation, and abuse. He argued that enforcement focused on minor technical issues can drain resources and push legitimate businesses offshore, without improving market integrity. He said the agency should still act as a “cop on the beat,” with enforcement targeting conduct that causes real harm. This approach closely tracks the direction set under Pham.

Over the past year, the CFTC narrowed its enforcement focus, reduced emphasis on paperwork violations, and shifted resources toward complex fraud and retail harm. The agency updated its investigation rules to give firms more transparency and time during enforcement proceedings. On crypto, Selig is expected to continue the push to bring more activity onshore, with pilot programs covering tokenized collateral and listed spot crypto products on regulated exchanges. His confirmation comes as lawmakers debate legislation that could grant the CFTC primary oversight of spot crypto markets and expand the agency’s role.