US President Donald Trump has appointed Michael Selig, who served as general counsel on the Securities and Exchange Commission’s (SEC) cryptocurrency task force, as Chairman of the Commodity Futures Trading Commission (CFTC).
According to Bloomberg, this appointment comes at a time when the regulatory framework for cryptocurrency markets is being reshaped in Washington.
Selig served as general counsel for the SEC’s 14-person Crypto Task Force. Previously, Selig worked as a partner at the renowned law firm Willkie Farr & Gallagher and served as a legal assistant to then-CFTC Commissioner Chris Giancarlo in 2014 and 2015. Giancarlo served as CFTC Chair during Trump’s first term.
Selig, known for his outspoken support for the cryptocurrency industry, has previously criticized former SEC Chairman Gary Gensler’s policies as “regulation by sanction.” In a social media post last October, he wrote, “The election is a week away, Bitcoin has surpassed $71,000, and SEC Chairman Gensler will soon be vacating his office. It’s time for a hard fork in the SEC’s approach to crypto.”
Selig also currently serves as a senior advisor to SEC Chairman Paul Atkins. In his July speech, “Project Crypto,” Atkins announced a deregulatory program aimed at migrating capital markets onto blockchain.
*This is not investment advice.