Trump Nominates Michael Selig for CFTC Chair Amid Crypto Policy Shift

- President Trump nominates pro-crypto lawyer Michael Selig to lead the CFTC. - The appointment could signal a major shift in U.S. digital asset regulation. On October 30, 2025, CoinDesk reported that President Trump nominated Michael Selig, a pro-cryptocurrency lawyer, to serve as the next chairman of the Commodity Futures Trading Commission (CFTC). This pivotal announcement follows the withdrawal of Brian Quintenz’s nomination in September 2025, who reportedly withdrew due to limited support for digital assets and concerns from the crypto sector. Selig currently serves as Chief Counsel to the SEC’s Crypto Task Force and previously worked at the CFTC under former Chairman J. Christopher Giancarlo. Renowned for his pro-crypto stance, Selig aims to reestablish the United States as a global leader in digital asset innovation through regulatory frameworks that allow the cryptocurrency sector to thrive. In addition, he has publicly advocated for treating certain digital assets, including XRP, as commodities rather than securities. This nomination comes as the United States considers the Responsible Financial Innovation Act, which could redefine many digital assets as commodities and shift regulatory power from the SEC to the CFTC. Selig’s pro-crypto approach aligns closely with these legislative efforts, positioning him as a crucial player in the evolution of U.S. policy. Despite the promising outlook, Selig’s confirmation process remains uncertain. The U.S. government has been in an ongoing shutdown since October 1, 2025. As a result, federal agencies, including the CFTC and SEC, are operating with limited staff, which has stalled regulatory progress. An acting chair currently leads the CFTC, and several commissioner roles remain vacant. Former CFTC Chairman J. Christopher Giancarlo has noted that the prolonged shutdown presents significant barriers to advancing new policy initiatives and completing Senate confirmations. Meanwhile, the market for digital assets such as XRP, which Selig has publicly advocated for treating as a commodity, continues to be active. According to CoinMarketCap on October 30, XRP (XRP) was trading at $2.475 as of 15:08 UTC, reflecting a 6.428% decrease in 24-hour trading volume.