Almost a month after the Trump administration pulled Brian Quintenz’s nomination, President Trump has put forward Mike Selig as the new candidate to lead the Commodity Futures Trading Commission (CFTC).
David Sachs, who heads AI and cryptocurrency initiatives at the White House, praised Selig as an “excellent choice” in a Saturday morning announcement. He emphasized Selig’s extensive knowledge of financial markets and passion for evolving regulatory practices to keep the U.S. competitive in the digital asset landscape.
Sachs noted, “Mike not only advanced the President’s crypto policy as Chief National Counsel at the SEC, but he also has significant experience in traditional commodity markets from his previous role at the CFTC during Chris Giancarlo’s chairmanship.”
In his own post on social media, Selig expressed his commitment to enhancing the functionality of commodity markets, fostering freedom, competition, and innovation, and working towards establishing the U.S. as the leading nation in cryptocurrency.
Currently, Selig is the lead advisor for the SEC’s Cryptocurrency Task Force and has prior experience as a partner with the law firm Wilkie Farr & Gallagher in New York City.
Previously, Trump had nominated Quintenz to chair the CFTC in February. Quintenz, a former CFTC commissioner, alleged that the Winklevoss twins, known for their cryptocurrency ventures, had pressured Trump to pause his confirmation for questionable reasons.
The communications he mentioned revealed that the Winklevoss brothers sought his thoughts regarding a complaint related to their cryptocurrency exchange, Gemini. Quintenz cautioned them to be wary of any interaction that might skew his evaluation of these issues.
In his post, Quintenz stated, “I never planned to disclose my private messages. However, to support the President and clarify any possible misunderstandings, I’ve shared details about what Tyler Winklevoss asked me regarding his legal issues with the CFTC. These messages clearly illustrate their expectations and my refusal to comply.”
Commissioners Summer Mersinger and Christie Goldsmith Romero had stepped down in May, anticipating a fresh nominee for the CFTC. Kristin Johnson, another commissioner, stayed on until September 3.
Acting chair Carolyn Pham, appointed to her position shortly after Trump returned to the White House in January, also congratulated Selig. She remarked, “Mike’s deep familiarity with the CFTC will benefit everyone, from farmers to digital asset firms. He’s the right person to lead during this crucial moment for innovation and market dynamics. The CFTC’s Crypto Sprint and the SEC’s Project Crypto will herald a new era for cryptocurrencies.”
