Trump nominated Michael Selig for the presidency of the CFTC.

U.S. President Donald Trump has nominated Michael Selig for the chairmanship of the Commodity Futures Trading Commission (CFTC) during a crucial period when digital asset regulations are undergoing significant changes. This nomination was sent to the U.S. Senate for approval last Friday and has stirred significant interest in the crypto sector.

Michael Selig is currently serving as the chief legal advisor for the Crypto Task Force under the Securities and Exchange Commission (SEC). Previously, he was noted as one of the expert partners in the crypto field at the law firm Willkie Farr & Gallagher. Selig's appointment comes at a time when bills are on the agenda in both the House of Representatives and the Senate that foresee granting broader powers related to digital assets to the CFTC, making it of great importance for the crypto sector.

The crypto world is hopeful about Selig. Amanda Tuminelli, director of the DeFi Education Fund, described Selig as “a respected figure who understands the importance of technology and innovation while seeking the right legal solutions.” Trump had previously nominated Brian Quintenz for the CFTC chairmanship for a16z policy; however, this nomination was withdrawn following conflict of interest claims from Gemini founders Tyler and Cameron Winklevoss.

We are now at a critical juncture in terms of guiding crypto policies. Jake Chervinsky, the icon of the chief legal officer at Variant Fund, expressed his thoughts in a post on the X platform, stating, “There is nothing more important for crypto policy than the White House nominating a new CFTC chair, and there’s no one better for this role than Michael Selig.” Chervinsky emphasized that Selig’s deep knowledge of securities and derivatives laws, along with his demonstrated leadership throughout his career, makes him “a perfect candidate” for this role.

This appointment is considered one of the most concrete steps in the Trump administration's plan to shift crypto regulations to a CFTC-centered structure. It is expected that investors will carefully monitor the CFTC's approach and regulations regarding crypto assets following Selig's appointment.