President Trump taps Michael Selig to lead CFTC amid push for crypto oversight: Bloomberg

President Donald Trump tapped Michael Selig to lead the Commodity Futures Trading Commission, Bloomberg reported, as lawmakers move to cement the agency's oversight over digital assets.

Trump picked Selig on Friday for the CFTC chairmanship, sending him to get nomination hearings in the Senate. Selig currently serves as chief counsel for the Securities and Exchange Commission's Crypto Task Force and was a partner specializing in crypto at the law firm Willkie Farr & Gallagher.

The White House did not immediately respond to a request for comment. 

If the Senate ultimately confirms Selig, he will lead the agency during a pivotal time as lawmakers look to put the CFTC at the helm for crypto regulation. Bills in the House and Senate would give the agency broader authority over the industry.

"Mike Selig is a well-respected lawyer and industry expert. He understands the tech and the need to allow room for innovation, but also cares about getting to the right legal answer," said Amanda Tuminelli, executive director of DeFi Education Fund, in a statement.

President Donald Trump had previously nominated Brian Quintenz, policy lead at a16z, to lead the CFTC. However, his nomination process was thrown into disarray in part after Gemini's Tyler and Cameron Winklevoss raised concerns about conflicts of interest. 

Late in September, the White House pulled his nomination. Some in the crypto industry voiced disappointment in the news that Quintenz would not be the CFTC chair, but also said that Selig was a perfect person for the role.

"There's nothing more important for crypto policy than the White House nominating a new CFTC chair and nobody better than Mike Selig for the job," said Jake Chervinsky, chief legal officer at the Variant Fund in a post earlier this month on X. "I've had the honor of knowing Mike for years and he's the real deal: a brilliant lawyer and proven leader perfect for this role."

On Friday, Chervinsky said there was "no one better" for the role. 

"He has deep knowledge of the securities and derivatives laws and his outstanding work across his career speaks for itself," Chervinsky said in a statement. "I have no doubt that he would make an excellent CFTC chair."