- Trump expected to nominate Mike Selig after dropping Quintenz’s CFTC bid.
- Ripple CLO supports Selig to align CFTC and SEC crypto oversight.
- Selig advocates innovation-friendly rules and an end to enforcement-led policies.
Mike Selig, a known pro-crypto regulator, has emerged as the leading candidate to chair the U.S. Commodity Futures Trading Commission (CFTC). Reports indicate that former President Donald Trump is likely to nominate him after withdrawing Brian Quintenz’s nomination. Confirmed by Freeman via an X post, the decision follows tensions between Quintenz and Gemini co-founder Tyler Winklevoss.
According to a report by POLITICO, Selig currently serves as chief counsel on the Securities and Exchange Commission’s (SEC) crypto task force, giving him direct experience with ongoing regulatory debates. Before his SEC role, he worked at the CFTC as a law clerk to former Chair Chris Giancarlo. If confirmed by the Senate, Selig would succeed Acting Chair Caroline Pham, who plans to step down once a new appointment is made.
Ripple CLO Endorses Selig for Leadership Role
Ripple’s Chief Legal Officer, Stuart Alderoty, has publicly supported Selig for the top CFTC position. Alderoty stated that Selig is best suited to lead coordination between the CFTC and SEC on digital assets. He added that such leadership could reduce overlapping oversight and streamline federal regulation across both agencies.
Alderoty’s endorsement adds weight to Selig’s candidacy, particularly given Ripple’s ongoing engagement with U.S. regulators over digital asset classification. The support also underscores the industry’s push for consistent federal oversight instead of separate, sometimes conflicting, agency actions.
Track Record Shows Support for Pro-Crypto Regulation
Mike Selig has consistently voiced his belief that the U.S. should adopt a balanced approach to crypto regulation. In 2024, he commented on the potential for a new administration to move beyond enforcement-driven policies under Gary Gensler’s tenure at the SEC. He said that ending such enforcement-led regulation could open the path toward innovation-focused frameworks.
Selig also argued that crypto projects capable of navigating U.S. corporate and tax rules could thrive under fairer oversight. He has spoken in favor of introducing an “Innovation Exemption” to support novel blockchain projects and reduce regulatory uncertainty. In previous remarks, Selig urged that regulators take a “do no harm” approach to digital assets. He outlined mechanisms like exemptive relief and safe harbors as tools to encourage responsible growth in the sector.
He further said that cooperation between the CFTC and SEC could ensure oversight without stifling development. If appointed, Selig would oversee derivatives and futures markets critical to the crypto ecosystem. His leadership could shape how federal agencies define digital asset regulation during the next administration.
