New CFTC Chairman Michael Selig Promises End to Crypto Regulation by Enforcement

TLDR

• Michael Selig was sworn in as the 16th chairman of the CFTC on Monday, December 23, 2025, after a 53-43 Senate confirmation vote
• Caroline Pham departed the CFTC after serving as acting chair since January 2025 and is joining crypto company MoonPay
• Selig’s term runs until April 2029 and he previously served as chief counsel of the SEC’s Crypto Task Force
• Congress is working on digital asset market structure legislation that could expand the CFTC’s authority over cryptocurrency regulation
• White House crypto czar David Sacks called Selig and SEC chair Paul Atkins a “dream team” for creating clear regulatory guidelines

The Commodity Futures Trading Commission has new leadership. Michael Selig was sworn in as the agency’s 16th chairman on Monday after the Senate confirmed him in a 53-43 vote last Thursday.

Selig’s appointment comes after President Donald Trump nominated him on October 27, 2025. His term will run until April 2029.

Caroline Pham announced Monday would be her last day at the CFTC. She had served as acting chair since January 2025 and became the agency’s sole commissioner in August.

MoonPay confirmed reports that Pham is joining the crypto fintech company. She had previously stated she would leave once Congress confirmed a permanent chair.

Background on Selig’s Crypto Experience

Selig brings crypto-focused experience to the role. He previously worked as chief counsel of the Securities and Exchange Commission’s Crypto Task Force.

The new chairman has promised to avoid “regulation by enforcement” tactics. He aims to support growth in blockchain and crypto technologies.

Selig stated he is grateful for President Trump’s confidence in him. He described this as a pivotal time for the agency.

The chairman noted retail participation in commodity markets is at all-time highs. He also pointed to emerging technologies and platforms entering the market.

Selig mentioned Congress is preparing digital asset market structure legislation. He said this would cement the US as the “Crypto Capital of the World.”

White House crypto czar David Sacks praised the leadership pairing. He called Selig and SEC chair Paul Atkins a “dream team” for defining clear regulatory guidelines.

Legislative Progress on Crypto Regulation

Congress is reviewing a bill to clarify cryptocurrency market rules. The legislation is known as the Responsible Finance Innovation Act in the Senate.

The House passed the CLARITY Act in July as a related measure. Work on the Senate version paused during the congressional recess.

The bill would create a framework for digital asset regulation. It aims to clarify the roles of both the SEC and CFTC.

The legislation addresses emerging technologies and DeFi platforms. Preliminary versions suggest the CFTC would gain more authority over digital assets.

The Senate Banking Committee plans to hold discussions in early January. This could lead to a floor vote on the legislation.

Some Republican leaders have expressed support for moving forward. Other senators have raised concerns about DeFi provisions that could delay progress.

Pham said during her tenure the CFTC refocused on promoting responsible innovation. She stated the agency prepared to take on expanded oversight of digital assets and prediction markets.

Selig now serves as the CFTC’s sole commissioner. Pham welcomed his pragmatic approach to balancing innovation and market integrity.

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