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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Trump ultimately rescinded the nomination.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.
The CFTC and SEC released a joint statement in September, focusing on “harmonizing” regulatory measures between the two bodies, which legal experts have praised as providing essential clarity to the crypto sector in the US.
CFTC officials also announced a “crypto sprint” in August to apply policy suggestions from the White House’s Working Group on Digital Assets.
Collaborative initiatives between the CFTC and SEC have led to speculation that the two agencies might merge into a single regulatory body, prompting Atkins to refute the rumors.
Atkins stated that only the US president or Congress possesses the authority to consolidate the agencies into one entity.
Magazine: Leaving Trump’s premier crypto position was not simple: Bo Hines
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