The U.S. Senate took a decisive step in cryptocurrency regulation on December 18, 2025, by confirming Michael Selig as the 15th Chairman of the Commodity Futures Trading Commission (CFTC). This nomination, approved by a vote of 53 to 43, is part of approximately 100 Trump administration nominations approved by the Senate and marks a strategic shift toward more crypto-friendly regulation.
A Seasoned Digital Asset Expert
Michael Selig is no newcomer to the world of financial regulation. His career began at the CFTC in 2014, where he served as a legal clerk to Commissioner Christopher Giancarlo, who later became chairman of the agency. This initial experience allowed him to gain a deep understanding of American regulatory mechanisms.
After his tenure at the CFTC, Selig joined the prestigious international law firm Willkie Farr & Gallagher as a partner, where he advised trading companies, exchanges, and digital asset firms on compliance matters. Most recently, in March 2025, he joined the government as chief legal advisor to the Securities and Exchange Commission’s Crypto Task Force, serving under Chairman Paul Atkins.
A Balanced Regulatory Philosophy
During his confirmation hearing, Selig clearly outlined his vision: favoring a lighter regulatory approach while maintaining strict vigilance against fraud and manipulation. « Enforcement actions focused on minor technical issues can drain resources and push legitimate businesses abroad, » he stated, while emphasizing the CFTC’s role as a « cop on the beat » against real harm.
This approach aligns with the work of Caroline Pham, who served as acting chairman for most of 2025. Under her leadership, the CFTC reduced its focus on administrative violations to concentrate on complex fraud and retail investor protection.
Caroline Pham’s Departure and Achievements
Caroline Pham, who was the sole Senate-confirmed commissioner for several months, will leave her position to join MoonPay as Chief Legal and Administrative Officer. Her tenure was marked by major initiatives: the launch of perpetual-style futures, 24/7 trading, prediction markets, and the 12-month « Crypto Sprint. »
On December 4, 2025, she announced a historic first: listed crypto spot products would begin trading on federally regulated U.S. markets via CFTC-registered futures exchanges. This major advancement paves the way for deeper integration of cryptocurrencies into the traditional financial system.
Imminent Expansion of CFTC Authority
Selig’s nomination comes as Congress debates legislation that could significantly expand the CFTC’s powers. The CLARITY Act, passed by the House of Representatives in July 2025, would grant the agency exclusive jurisdiction over spot transactions of digital commodity commodities.
The Senate is currently developing its own version, with a bipartisan draft presented by Chairman John Boozman and Senator Cory Booker. David Sacks, the White House « crypto czar, » confirmed that this bill will be reviewed in early 2026, after being delayed due to a record 43-day government shutdown between October and November 2025.
Crypto Initiatives Already Underway
The CFTC didn’t wait for new legislation to act. On December 8, 2025, the agency launched a groundbreaking pilot program allowing the use of Bitcoin, Ether, and USDC stablecoin as collateral in derivatives markets. This three-month program requires weekly reporting, giving regulators real-time insight into the performance of tokenized assets.
Simultaneously, the CFTC published guidance confirming that tokenized real-world assets, such as U.S. Treasury bonds, can be valued within current regulatory frameworks. It also provided no-action relief for companies seeking to accept specific digital assets as margin.
Positive Industry Reception
Selig’s nomination was welcomed by the crypto industry. Faryar Shirzad, Coinbase’s chief policy officer, stated that « Selig’s experience in crypto and as a federal regulator will ensure the U.S. crypto market is governed with fairness, clarity, and an unwavering commitment to the law. »
Cody Carbone, CEO of the Digital Chamber, called the confirmation « an exciting new chapter, » highlighting Selig’s expertise in complex and technical issues surrounding digital assets.
The Trump Administration’s Commitment
This nomination is part of President Trump’s broader ambition to make the United States the « crypto capital of the world. » In March 2025, he signed an executive order establishing a Strategic Bitcoin Reserve, capitalized with bitcoins seized in criminal or civil proceedings. This reserve will not be sold and will be maintained as a strategic reserve asset.
The Trump administration’s approach represents a radical shift from the restrictive policies of the Biden era. The SEC under Trump announced a new Crypto Task Force and dropped lawsuits against several major crypto companies.
Challenges Ahead
Selig takes office under unique circumstances: he will be the sole commissioner of what is normally a five-member commission, following a series of resignations in 2025. Former Chairman Rostin Behnam left office in January during the government transition, and Commissioner Kristin Johnson resigned in September.
Democratic senators expressed concerns about the absence of Democratic commissioners during negotiations on crypto legislation. Selig declined to commit to additional staffing needs, preferring to first analyze the agency’s current resources.
Selig’s term will expire in April 2029. His ability to quickly transform policy into concrete action will be closely scrutinized by both traditional markets and the crypto industry. His leadership will be crucial as the CFTC assumes greater responsibilities in overseeing digital asset markets and shapes the future of crypto regulation in the United States.
