Michael Selig, ex‑SEC Crypto Activity Drive counsel, turns into the sixteenth CFTC chair as Caroline Pham departs for MoonPay, inheriting crypto pilots and looming DA laws.
Abstract
- Selig, a former SEC Crypto Activity Drive and PWG advisor, is sworn in as sixteenth CFTC chair simply as Congress prepares digital asset market construction laws.
- Pham’s tenure introduced crypto pilots, expanded spot buying and selling, automated surveillance and no‑motion reduction for prediction markets earlier than she left to affix MoonPay.
- Selig pledges to maintain derivatives markets secure whereas tackling new tech, L2‑fashion platforms and retail participation, positioning the CFTC on the core of U.S. crypto coverage.
Michael Selig was sworn in Sunday because the sixteenth chairman of the Commodity Futures Buying and selling Fee, assuming management of the derivatives regulator as performing chair Caroline Pham departed after almost 4 years on the company.
Michael Selig sworn into US company CFTC
Selig, confirmed by the Senate on December 18, beforehand served as chief counsel of the Securities and Alternate Fee’s Crypto Activity Drive and senior advisor to SEC Chairman Paul Atkins. The appointment positions him to guide the company throughout a interval of technological transformation and potential congressional motion on digital asset laws, in accordance with his swearing-in assertion.
Pham’s tenure as performing chair included a number of regulatory initiatives for crypto markets. The CFTC launched the Crypto Dash in January, implementing suggestions from the President’s Working Group on Digital Asset Markets. The initiatives resulted in spot crypto buying and selling on CFTC-registered futures exchanges and a digital asset markets pilot program allowing Bitcoin, Ether, and USDC as collateral.
“It has been the consideration of a lifetime to guide the CFTC throughout such a historic second for market construction and innovation,” Pham said in her departure announcement. “I’m extremely pleased with the CFTC and all its devoted employees for his or her exhausting work and dedication this 12 months to ship on our pledge to get again to fundamentals and common order.”
The company deployed its first automated market surveillance system throughout Pham’s management, saving almost $50 million in annualized prices, in accordance with CFTC knowledge. The company additionally restructured operations and carried out regulatory reduction measures that unlocked tens of billions in capital for market contributors whereas launching pilot packages concentrating on vitality market liquidity.
Pham granted no-action reduction to 4 prediction market operators—Polymarket US, LedgerX, PredictIt, and Gemini Titan—requiring full collateralization and transaction transparency whereas easing enforcement strain. The motion occurred throughout elevated prediction market exercise, with companies together with Coinbase and Robinhood getting ready to enter the market.
“Immediately begins a brand new chapter for the CFTC,” Selig said following his swearing-in. “We’re at a novel second as a variety of novel applied sciences, merchandise, and platforms are rising, retail participation within the commodity markets is at an all-time excessive, and Congress is poised to ship digital asset market construction laws to the President’s desk.”
Selig’s non-public sector expertise contains partnership at a global legislation agency targeted on derivatives and securities issues, representing business finish customers, futures fee retailers, commodity buying and selling advisors, swap sellers, and digital asset companies.
Throughout his SEC function, Selig developed regulatory frameworks for digital asset securities markets and labored on harmonizing oversight between the SEC and CFTC. He contributed to the President’s Working Group report on “Strengthening American Management in Digital Monetary Know-how.”
“Below my management, the CFTC will conquer these nice frontiers and be certain that the improvements of tomorrow are Made in America,” Selig said, pledging to supervise “the soundness and safety of America’s commodity derivatives markets throughout this era of speedy transformation.”
Pham is becoming a member of MoonPay as chief authorized officer and chief administrative officer, heading authorized and coverage features because the funds platform expands its enterprise stablecoin enterprise, in accordance with the corporate. The departure follows former CFTC commissioner Summer season Mersinger’s transfer to the Blockchain Affiliation and Bo Hines becoming a member of Tether after serving as White Home Crypto Council government director.
“I’m thrilled to welcome Michael Selig because the sixteenth Chairman of the CFTC,” Pham said. “His pragmatic, frequent sense method will make sure the CFTC strikes the proper steadiness of innovation and market integrity.”
