Mike Selig, chief counsel of the SEC’s cryptocurrency task force, is emerging as the frontrunner to chair the Commodity Futures Trading Commission (CFTC).
According to Politico, Selig, a former partner at Willkie Farr & Gallagher and one-time law clerk to ex-CFTC Chair Chris Giancarlo, is reportedly pulling ahead of other candidates in the private selection process.
Summary
- Mike Selig serves as the chief counsel of the SEC’s Crypto Task Force. He has experience in crypto policymaking.
- The previous lead candidate for the CFTC chair, Brian Quintenz, was Donald Trump’s pick. However, he was pulled by the White House after pressure from Tyler Winklevoss of Gemini.
- In 2025, the CFTC had only an acting chair, Caroline Pham, who took a pro-crypto stance.
Why is the CFTC chair nomination important?
The CLARITY Act, defining the market structure, has already passed in the House of Representatives in July.
Given that the CLARITY Act treats most cryptocurrencies as commodities, it will give the CFTC much influence over the future of crypto regulation. That’s why the CFTC chair nomination is important for the industry.
U.S. House passes CLARITY Act 🏛️
3 buckets for digital assets:
⚖️ Commodities → CFTC
📑 Investment contracts → SEC
💵 Payment stables → BanksShift of power: CFTC gains ground, SEC loses grip
Biggest regulatory shakeup yet!#Crypto #RWA $ELD pic.twitter.com/NDaRS5v3b2
— Eldora at Token2049🇸🇬 (@eldora_meta) September 3, 2025
The new favorite in the race for the CFTC chair is revealed at the time when the years-long standoff between the CFTC and the SEC settles. The latter agency has been treated most cryptocurrencies as securities in the Biden era, using the 1946 Howey test to define crypto as such.
The CFTC, in contrast, has seen digital assets as commodities. The difference between these approaches created uncertainty, making it harder for crypto brands to thrive in the U.S.
Nowadays, the SEC and the CFTC don’t consider the Howey test.
In August, Sen. Cynthia Lummis claimed the CLARITY Act will pass in the Senate by Thanksgiving and America “will have market structure by the end of the year.”
Whether the U.S. government shutdown, now in its fourth day, delays the passage remains to be seen.
Read more: SEC and CFTC push for regulatory clarity on DeFi, on-chain finance
Who is Mike Selig?
A top official on the Securities and Exchange Commission’s cryptocurrency task force, Mike Selig, is emerging as the leading candidate 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
Currently, Selig is the chief counsel of the SEC’s Crypto Task Force, which formed in 2025. In the past, he worked in the CFTC as an intern. The possibility of an SEC employee heading the CFTC may serve as another step in binding the two agencies on their mission of rulemaking in the crypto sector.
Selig was also an opponent of the Gary Gensler-era “regulation by enforcement” approach to crypto. He’s a mastermind behind rescinding the controversial Staff Accounting Bulletin 121 and dropping a number of lawsuits against crypto companies.
Read more: SEC repeals SAB 121, easing crypto custody rules
Selig’s interest in crypto can be traced back to at least 2017. He contributes to several cryptocurrency-related publications and can be seen in the podcasts dedicated to the matter. Before March 2025, Selig occupied the partner position in a law firm, Willkie Farr & Gallagher LLP, where he consulted clients on various questions, including cryptocurrency regulation, enforcement, securities, commodities, etc.
Chief legal officer at Ripple, Stuart Alderoty, took to an X to express his support for Selig’s candidacy. He wrote:
“No one is better suited than Mike Selig to harmonize the CFTC and SEC on crypto and more – reducing duplicative regulation and patching fragmentation.”
No one is better suited than Mike Selig to harmonize the CFTC and SEC on crypto and more – reducing duplicative regulation and patching fragmentation. @MikeSeligEsq https://t.co/hfsWMp1ZLM
— Stuart Alderoty (@s_alderoty) October 3, 2025
Other nominees
Apart from Selig, several other candidates remain under consideration. These include Treasury Counselor and stablecoin policy expert Tyler Williams; former CFTC Market Participants Division Director Josh Sterling; former commissioner Jill Sommers; and current acting chair Caroline Pham.
Pham has led the CFTC through a period of staffing shortages, becoming its sole leader after several commissioners, including Kristin Johnson, departed—despite the agency requiring five commissioners. During her tenure, she terminated about a dozen employees and focused on formal rulemaking, clear guidance, and listing standards.
Her leadership has also been marked by close collaboration with the SEC and a crypto-friendly stance, including allowing offshore exchanges to serve U.S. customers.
Yesterday’s @SECGov @CFTC roundtable was historic. Thank you to @SECPaulSAtkins and all our speakers who came together with actionable ideas to make our markets great. Legends! 🏆 pic.twitter.com/OVd3k3cqgb
— Caroline D. Pham (@CarolineDPham) September 30, 2025
In February, President Donald Trump nominated CFTC commissioner Brian Quintenz to become the agency’s chairman. However, he was dropped in September.
No detailed reasons were provided, although Tyler Winklevoss, co-founder of the Gemini exchange, reportedly suggested that Trump drop Quintenz.
In July, Winklevoss requested that Trump prevent Quintenz from becoming the CFTC chair, citing the latter’s Biden-era attempts to crack down on the Gemini exchange.
Read more: White House pulls Brian Quintenz CFTC chair nomination