Key Insights
- Michael Selig was sworn in as CFTC chairman after Senate confirmation last week.
- Caroline Pham exited the CFTC, leaving Selig as the agency’s sole commissioner.
- The CFTC also regulates derivatives, digital assets, and prediction markets.
Michael Selig CFTC Chairman Sworn In as Agency Enters Leadership Transition
Michael Selig, CFTC Chairman, was formally sworn in as the 16th chairman of the Commodity Futures Trading Commission, marking a leadership transition at the U.S. derivatives regulator following the departure of acting chair Caroline Pham.
The swearing-in took place after Selig’s Senate confirmation last week, positioning him as the sole commissioner at the agency, which continues to oversee derivatives, digital assets, and emerging market structures.
The Commodity Futures Trading Commission confirmed that Selig assumed office on Monday, following his nomination by President Donald Trump on Oct. 27 and Senate confirmation on Dec. 18. His appointment follows Pham’s announcement that Monday would be her final day at the agency, concluding nearly four years of service, including her tenure as acting chair since January.
Michael Selig CFTC Chairman Takes Office After Senate Confirmation
Michael Selig, CFTC Chairman, arrives at the agency after previously serving as chief counsel to the Securities and Exchange Commission’s Crypto Task Force and as a senior advisor to SEC Chairman Paul Atkins. His background includes legal and regulatory work focused on derivatives, securities, and digital asset markets.
According to the CFTC, Selig’s term as chairman will run through April 2029. His appointment leaves him as the commission’s only sitting member following Pham’s departure. Pham had served as the sole commissioner since August, following the exit of other commissioners earlier in the year.
https://twitter.com/CarolineDPham/status/2003224243924766851
Selig also previously contributed to the President’s Working Group report titled “Strengthening American Leadership in Digital Financial Technology,” a document that outlined federal priorities for digital financial markets and regulatory coordination.
Caroline Pham’s Final Year and Crypto Market Initiatives
Pham’s departure concludes a period during which she oversaw several policy initiatives affecting crypto and derivatives markets. As acting chair, Caroline Pham launched the CFTC’s Crypto Sprint in January, an internal initiative aimed at implementing recommendations from the President’s Working Group on Digital Asset Markets.
Moreover, during that period, the CFTC advanced measures allowing spot crypto trading on CFTC-registered futures exchanges and introduced a digital asset markets pilot program. The pilot permitted Bitcoin, Ether, and USDC to be used as collateral within regulated frameworks.
Pham stated in a departure statement that leading the agency during that phase of market development had been a big responsibility. She cited efforts to return the regulator to what she described as “regular order” while addressing emerging products and market structures.
In what was considered one of her last regulatory steps, Pham granted no-action relief to four prediction market operators: Polymarket, LedgerX, PredictIt, and Gemini Titan. The relief reduced pressure in enforcement and added the condition of complete collateralization and transparency in transactions.
The shift was accompanied by a surge in prediction markets and preceded by companies like Coinbase and Robinhood planning to enter the market.
Michael Selig, CFTC Chairman and Digital Asset Oversight
Michael Selig, CFTC Chairman, has previously stated that the agency should avoid what he described as “regulation by enforcement” in addressing innovative technologies. His prior role at the SEC involved developing regulatory frameworks for digital asset securities markets and coordinating with the CFTC.
Additionally, White House crypto advisor David Sacks commented on Monday that Selig and SEC Paul Atkins would work together to establish clearer regulatory guidelines.
Selig’s professional background includes a partnership at an international law firm, where he advised clients on derivatives, securities, and CFTC compliance matters.
Leadership Transition and Agency Outlook
Adding more to the report, Pham has stated previously that she intended to leave the CFTC once a permanent chair was confirmed. Following her departure, MoonPay confirmed reports that she would be joining the crypto-focused financial technology company.
In her final statement, Pham said the agency had refocused on promoting responsible innovation and fair competition in preparation for expanded oversight of digital assets, crypto markets, and prediction markets. She also welcomed Selig’s appointment, citing continuity in regulatory priorities.
