White House Names Mike Selig to Lead CFTC; Focus Turns to Commission Picks
Selig’s nomination ends weeks of uncertainty over leadership at the CFTC
Welcome to the Monday edition of the Crypto In America newsletter!
What you’ll read: With Mike Selig nominated to lead the CFTC, industry and Capitol Hill focus on commission picks, and what to watch this week.
The White House finally made it official: SEC Crypto Task Force Chief Counsel Mike Selig has been nominated to lead the Commodity Futures Trading Commission, ending weeks of uncertainty over the administration’s plans for the commodities regulator and how big a role crypto will play in its future.
The pick comes at a critical time for crypto policy in Washington, as Senate lawmakers ramp up efforts to pass market structure legislation that would grant the CFTC broader oversight over digital assets. Having a crypto-savvy leader at the helm of the agency has long been a top ask from industry, and dozens took to X over the weekend to voice their support.
While the Senate Agriculture Committee mulls a date for Selig’s confirmation hearing, the White House is said to be considering potential candidates as it looks to rebuild the five-member commission, currently led solely by Acting Chair Caroline Pham.
High on the list of industry and lawmaker recommendations, Crypto In America has learned, is Paul Balzano, a Republican and senior professional staff member on the House Agriculture Committee who has worked on CFTC issues for 11 years.
Another name that has surfaced as a potential Republican nominee is Nathan Anonick, professional staff and counsel on the Senate Agriculture Committee.
It’s unclear whether the White House will nominate any Democrats to the CFTC anytime soon, despite a bipartisan commission being a top priority for Senate Democrats on market structure legislation.
Selig, who also serves as Senior Advisor to SEC Chair Paul Atkins and began his career at the CFTC clerking for then-Commissioner Chris Giancarlo before spending a decade in private practice, took to X over the weekend to thank President Trump for the nomination.
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👀 What To Watch This Week
Market structure: Fresh off last week’s “crypto blitz” on Capitol Hill, the industry is eager to see whether the momentum from those roundtables will be enough to kickstart stalled bipartisan negotiations between Senate Democrats and Republicans.
Meanwhile, the Senate Agriculture Committee is said to be nearing the release of its long-awaited market structure draft, a bipartisan effort led by Chairman John Boozman (R-AR) and Sen. Cory Booker (D-NJ), which could come as soon as this week. The proposal will complement the Banking Committee’s draft by focusing on the digital commodities side of the bill.
The shutdown: Week 5 of the government shutdown is upon us, as the Senate has failed for the twelfth time to pass a funding bill that would reopen the government. The shutdown has now become the second longest in U.S. history, eclipsed only by the 35-day standoff in 2018 under the first Trump administration. According to The New York Times, more than one million federal workers are going without pay, with many turning to side jobs and food banks to make ends meet. The House remains out of session, while the Senate returns today for another week of negotiations.
Here’s what else we’re keeping an eye on:
Sunday
Global fintech conference Money 20/20 kicks off in Las Vegas today and runs through Wednesday.
This year’s top themes this year include fintech going mainstream, invisible infrastructure, borderless payments, and securing trust in uncertain times.
Crypto In America will be on the ground.
Monday
10:00 AM: The Brookings Institute will hold a discussion on stablecoins and how regulators are planning to implement the GENIUS Act.
Wednesday
2:00 PM: It’s Fed Day! The Federal Reserve will announce its next interest rate decision, with Chairman Jay Powell set to deliver remarks at 2:30 PM.
Thursday
9:00 AM: The Government Blockchain Association will host a conference titled The Future of Money: Governance and the Law in D.C. Crypto In America will be on the ground.
10:00 AM: FDIC Chair nominee Travis Hill is set to face the Senate Banking Committee in a nomination hearing.
Friday
🎃 Happy Halloween and Bitcoin White Paper Day to all who celebrate!
On this day in 2008, Satoshi Nakamoto dropped the Bitcoin white paper, “Bitcoin: A Peer-to-Peer Electronic Cash System.”
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