Trump Set to Appoint SEC Crypto Expert as CFTC Chair: Reports Indicate

US President Donald Trump is set to propose Michael Selig as the forthcoming chair of the Commodity Futures Trading Commission (CFTC), following the retraction of Brian Quintenz’s nomination.

Bloomberg announced the development on Friday, referencing an unnamed official from the Trump administration. At this moment, no formal statement has been released.

Selig occupies the role of chief counsel and senior adviser for the Securities and Exchange Commission’s crypto task force, supporting SEC Chair Paul Atkins. He has been described as “pro-crypto” by several analysts and influencers within the crypto sphere, who have expressed enthusiasm over the potential nomination.

The CFTC nomination process experienced delays in September as former CFTC nominee Brian Quintenz encountered pressure from the Gemini crypto exchange founders, Tyler and Cameron Winklevoss.

Trump ultimately rescinded the nomination. Quintenz had previously indicated to Cointelegraph that he would transition back to the private sector.

Trump has contemplated placing the CFTC in charge of crypto since 2024, and the regulatory body will share oversight with the SEC under Trump’s Working Group on Digital Assets policy recommendations, as detailed in a report issued in July report.

Related: Crypto industry organizations reflect on CFTC’s future post key withdrawal

SEC and CFTC join forces on crypto policy

The Working Group advised that the CFTC should oversee the spot crypto markets and categorized most cryptocurrencies as commodities.

Other crypto assets designated as securities, such as tokenized bonds and equities, will continue to be governed by the SEC.