US President Donald Trump is planning to appoint Michael Selig as the subsequent chair of the Commodity Futures Buying and selling Fee (CFTC), after pulling again the nomination of Brian Quintenz.
Bloomberg reported the information on Friday, citing an unnamed Trump administration official. No official announcement has been made on the time of this writing.
Selig presently serves because the Securities and Trade Fee’s crypto process power chief counsel and senior adviser to SEC Chair Paul Atkins. He has been characterized as “pro-crypto” by some analysts and influencers within the crypto group, who celebrated the potential nomination.
The CFTC nomination race stalled in September after former CFTC nominee Brian Quintenz confronted stress from the Gemini crypto trade’s co-founders, Tyler and Cameron Winklevoss.
Trump finally withdrew the nomination. Quintenz beforehand advised Cointelegraph that he would return to the personal sector.
Trump has mulled handing the CFTC oversight over crypto since 2024, and the regulatory company will share oversight with the SEC underneath Trump’s Working Group on Digital Assets policy recommendations, which the group outlined in a July report.
Associated: Crypto industry groups weigh in on CFTC’s future after key withdrawal
SEC and CFTC collaborate on crypto coverage
The Working Group really useful that the CFTC ought to have oversight over the spot crypto markets and categorized most cryptocurrencies as commodities.
All different crypto property categorized as securities, like tokenized bonds and shares, will stay underneath the purview of the SEC.
The CFTC and SEC issued a joint statement in September about “harmonizing” regulatory efforts between the 2 companies, which attorneys have touted as bringing much-needed clarity to the crypto trade within the US.
CFTC officers additionally announced a “crypto sprint” in August to implement coverage suggestions from the White Home’s Working Group on Digital Belongings.
Joint efforts between the CFTC and SEC have additionally sparked rumors that the 2 companies will merge to change into a single regulatory entity, prompting Atkins to deny the rumors.
Atkins mentioned that solely the US president or Congress has the ability to merge the companies right into a single physique.
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