Mike Selig is considered the most likely candidate to be the new chairman of the Commodity Futures Trading Commission (CFTC) in the United States.
Selig, who currently serves as general counsel on the Securities and Exchange Commission’s (SEC) Crypto Task Force, is expected to be formally nominated soon.
A source familiar with the matter said in a statement that “Selig’s candidacy could be announced at any time.”
Many in the cryptocurrency industry support Selig’s appointment. Alluvial COO and former corporate lawyer Evan Weiss shared on his X account, “Selig, who currently leads the SEC’s Crypto Task Force, has delivered the most effective work of any major regulator. If we want the US to be the crypto capital, Mike is the right person to lead the CFTC.”
Expressions of support for Selig also came from several crypto lawyers and lobbyists after Politico reported on his candidacy on Thursday.
Before Selig’s name surfaced, former Trump administration nominee Brian Quintenz had been a frontrunner to lead the CFTC. However, Quintenz, who serves as policy director at Andreessen Horowitz’s (a16z) cryptocurrency unit, was blocked by Gemini exchange founders Tyler and Cameron Winklevoss.
The Winklevoss brothers privately conveyed their concerns about the seven-year CFTC investigation into Gemini, which concluded this year, to Quintenz. Quintenz, in turn, shared these messages publicly, stating that “they are clear about what they want and refuse to make any promises.” Following this development, Quintenz’s candidacy was shelved.
Selig, previously an associate attorney at the law firm Willkie Farr & Gallagher, is a longtime advocate for the crypto industry. Prior to Trump’s November 2024 victory, he was a frequent critic of former SEC Chairman Gary Gensler’s “regulation by enforcement” approach.
“The election is a week away, Bitcoin has surpassed $71,000, and Gensler will soon be vacating his office. It’s time for the SEC to embrace crypto again,” he wrote in an October 2024 post.
Selig, who was appointed general counsel to the SEC’s 14-person Crypto Task Force in March, also serves as a senior advisor to SEC Chairman Paul Atkins. Atkins’ “Project Crypto” initiative, announced in July, aims to transition capital markets to a blockchain-based structure.
Interestingly, Cameron Winklevoss, one of the Winklevoss brothers, recently described the project as “one of the most groundbreaking initiatives I’ve read about in a long time.”
*This is not investment advice.