President Trump has reportedly chosen Michael Selig as the next Chairman of the CFTC. The previous candidate, Brian Quintenz, was recently withdrawn after pressure from the Winklevoss twins.
Selig was an SEC employee and assistant to Paul Atkins, so he could steer the two commissions toward closer collaboration. However, it is difficult to make further predictions about his ideas on politics.
Selig for chairman of the CFTC
Over the past few months, things have been pretty chaotic at the CFTC. One of the United States’ top financial regulators has been reduced to just one Commissioner, with outgoing members warning of a “financial Wild West.”
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Meanwhile, the Acting President has unilaterally taken unprecedented actions. To help resolve this situation, President Trump has reportedly chosen Michael Selig as the next Chairman of the CFTC.
Prior to Selig’s choice, Trump had chosen Brian Quintenz as the next CFTC Chairman.
However, the Winklevoss twins strenuously opposed this nomination, and although many industry leaders supported Quintenz, Trump withdrew the nomination earlier this month. Now, the process is starting all over again.
A surprise candidate
So, assuming Selig is indeed confirmed, what kind of policy might he set at the CFTC? He is currently an employee of the SEC, working as its chief counsel and assistant to Chairman Paul Atkins.
This personal relationship could help ensure that the two regulators maximize their collaboration in the crypto sector in the future, which both agencies are seeking to do.
Other than that, however, we can only make informed guesses. Although journalists have identified some likely candidates for the next CFTC Chairman, Michael Selig was not on anyone’s radar.
However, considering the Winklevosses prefer a weakened regulator to an empowered crypto ally, its selection could align with their long-term goals.
Ultimately, though, it was President Trump’s decision, and it’s impossible to say what the deciding factor was. In any case, Selig will have to go through an entire confirmation process before joining the CFTC, and this could take months.
We hope the interim time gives us plenty of opportunities to learn about his approach to crypto regulation.
