Mike Selig, chief counsel of the SEC’s Virtual Currency Task Force, has emerged as the front-runner to chair the Commodity Futures Trading Commission (CFTC).
Politico reports that Selig, a former partner at Willkie, Farr & Gallagher and former law clerk to former CFTC Chairman Chris Giancarlo, is leading the other candidates in a closed-door selection process.
summary
- Mike Selig serves as lead advisor to the SEC Cryptographic Task Force. He has experience in cryptocurrency policy making.
- Previously, the front-runner for CFTC chairman was Donald Trump’s former candidate, Brian Quintenz. However, under pressure from Gemini Tyler Winklevoss, he was poached by the White House.
- In 2025, the CFTC only had an acting chair, Caroline Pham, who took a pro-cryptocurrency position.
Why is the appointment of a CFTC chair important?
The CLARITY Act, which defines the market structure, was already passed by the House of Representatives in July.
Given that the CLARITY Act treats most cryptocurrencies as commodities, the CFTC will have significant influence over the future of crypto regulation. That’s why the nomination of a CFTC chair is important for the industry.
US House of Representatives Passes CLARITY Act 🏛️
Three buckets for digital assets:
⚖️ Commodities → CFTC
📑 Investment contract → SEC
💵 Payment stability office → BankShifts in power: CFTC gains dominance, SEC loses control
Biggest regulatory reform ever! #Crypto #RWA $ELD pic.twitter.com/NDaRS5v3b2
“Eldora at Tokan 2049🇸🇬” (@eldo_maita) September 3, 2025
The new favorite in the race for CFTC chairman will be revealed just as the long-standing conflict between the CFTC and SEC is resolved. The latter agency has treated most cryptocurrencies as securities during the Biden era, using the 1946 Howie test to define them as such.
In contrast, the CFTC considers digital assets to be commodities. These differences in approach have created uncertainty and made it difficult for crypto brands to thrive in the United States.
Currently, the SEC and CFTC do not consider the Howey test.
In August, Sen. Cynthia Lummis claimed that the CLARITY Act would pass the Senate by Thanksgiving and that the United States would have “a market structure in place by the end of the year.”
It remains to be seen whether the U.S. government shutdown, now in its fourth day, will delay passage.
read more: SEC and CFTC promote regulatory clarity regarding DeFi, on-chain finance
Who is Mike Selig?
Mike Selig, a senior official on the Securities and Exchange Commission’s virtual currency task force, has emerged as the frontrunner to chair the Commodity Futures Trading Commission, according to two people familiar with the discussions. https://t.co/lPx109F9t4
— Declan Harty (@declanharty) October 1, 2025
Mr. Selig currently serves as chief advisor to the SEC’s Crypto Task Force, which was established in 2025. In the past, he worked as an intern at CFTC. The potential appointment of an SEC official to head the CFTC could be another step in uniting the two agencies in their mission to create rules for the cryptocurrency space.
Selig also opposed the Gary Gensler-era “regulation by enforcement” approach to cryptocurrencies. He is the mastermind behind rescinding the controversial Staff Accounting Bulletin 121 and dropping numerous lawsuits against crypto companies.
read more: SEC repeals SAB 121 and relaxes crypto custody rules
Selig’s interest in cryptocurrencies can be traced back to at least 2017. He has contributed to several cryptocurrency publications and can be found in a podcast dedicated to the subject. Prior to March 2025, Mr. Selig was a partner at the law firm Willkie Farr & Gallagher LLP, where he consulted clients on a variety of questions including virtual currency regulation, enforcement, securities, and products.
Stuart Alderotti, Ripple’s chief legal officer, placed an X to express his support for Selig’s candidacy. He wrote:
“There is no better person than Mike Selig to harmonize the CFTC and SEC on things like cryptocurrencies and reduce overlapping regulations and patch fragmentation.”
There is no better person than Mike Selig to harmonize the CFTC and SEC on things like cryptocurrencies and reduce overlapping regulations and patch fragmentation. @MikeSeligEsq https://t.co/hfsWMp1ZLM
— Stuart Alderoty (@s_alderoty) October 3, 2025
Other candidates
In addition to Selig, several candidates are still under consideration. These include Tyler Williams, Treasury Counselor and stablecoin policy expert; Josh Sterling, former CFTC Director of Market Participants; former commissioner Jill Somers; and the current acting chairperson, Ms. Caroline Pham.
Pham led the CFTC during a time of staffing shortages, becoming its sole leader after several commissioners resigned, including Christine Johnson, even though the agency needed five commissioners. During her tenure, she laid off approximately 12 employees and focused on formal rulemaking, clear guidance, and listing standards.
Her leadership has also been marked by a crypto-friendly stance, including close collaboration with the SEC and allowing offshore exchanges to serve U.S. customers.
Yesterday’s @SECGov @CFTC roundtable was historic. Thank you @SECPaulSAtkins and all the speakers who came forward with actionable ideas to make the market great. Legend! 🏆 pic.twitter.com/OVd3k3cqgb
— Caroline D. Pham (@CarolineDPham) September 30, 2025
President Donald Trump appointed Brian Quintenz as CFTC Chairman in February. However, he resigned in September.
Although the exact reason was not disclosed, Gemini exchange co-founder Tyler Winklevoss reportedly suggested that Trump drop Quintens.
In July, Mr. Winklevoss asked President Trump to block Mr. Quintenz from becoming CFTC chairman, citing Mr. Quintenz’s efforts to crack down on the Gemini exchange during the Biden era.
read more: White House withdraws nomination of Brian Quintenz as CFTC Chairman
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