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 at present serves because the Securities and Alternate Fee’s crypto job drive chief counsel and senior adviser to SEC Chair Paul Atkins. He has been characterised 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 strain from the Gemini crypto alternate’s co-founders, Tyler and Cameron Winklevoss.
Trump ultimately withdrew the nomination. Quintenz beforehand informed Cointelegraph that he would return to the non-public sector.
Trump has mulled handing the CFTC oversight over crypto since 2024, and the regulatory company will share oversight with the SEC below Trump’s Working Group on Digital Belongings coverage suggestions, which the group outlined in a July report.
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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 belongings categorized as securities, like tokenized bonds and shares, will stay below the purview of the SEC.
The CFTC and SEC issued a joint assertion in September about “harmonizing” regulatory efforts between the 2 businesses, which attorneys have touted as bringing much-needed readability to the crypto business within the US.
CFTC officers additionally introduced a “crypto dash” 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 businesses will merge to grow to be a single regulatory entity, prompting Atkins to disclaim the rumors.
Atkins mentioned that solely the US president or Congress has the ability to merge the businesses right into a single physique.
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