Michael Selig Confirms CFTC Nomination, but Questions Linger

U.S. Securities and Exchange Commission (SEC) official Michael Selig announced that President Donald Trump has nominated him to chair the Commodity Futures Trading Commission (CFTC) because of his focus on crypto policy. The move still requires Senate approval and comes as the agency is operating with several open positions.

In a Saturday

Selig’s nomination, which was not on the Congressional Record or in any official White House announcement at the time of publication, reiterated President Trump’s goal of making the United States a “crypto capital.”

The nominations were announced as the U.S. government shutdown enters its fifth week after Republican and Democratic members of Congress have been unable to agree on a funding bill, citing concerns about health care cuts and subsidies.

While the Senate can pass legislation during the shutdown, including a possible digital asset market structure bill, lawmakers’ priority will likely be a continuing resolution to fund the government.

Pham has been the only member of the CFTC Commission’s five-member Leadership Committee since the resignation of CFTC Commissioner Christine Johnson in September, and has announced her intention to leave the regulatory commission after her successor is confirmed by the Senate. As of Monday, the Senate had not set a confirmation hearing for Selig.

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Selig’s nomination came after President Trump withdrew the name of Brian Quintenz, who had been announced as a candidate in February. Gemini co-founders Cameron and Tyler Winklevoss reportedly pressured the White House to choose another candidate after Quintenz failed to give assurances to crypto billionaires about enforcement policies.

Former CFTC Chairman Opinions on Government Shutdown and Agency Staffing

On October 14, Cointelegraph spoke with former CFTC Chairman Chris Jacarlo, known to many by his nickname “Crypto Dad,” about how changes in the commodity regulator’s leadership could impact the current political and legal environment.

“For the CFTC, without a full commission, or at least a partial commission, it would be very difficult for the CFTC to implement the rulemaking required by the CLARITY Act under an acting chair,” Giancarlo said. “I think the White House is very aware of that. They are very keen not only to meet the CFTC’s staffing requirements and operate, but also to be able to implement the pending CLARITY Act.”