Michael Selig was sworn in Sunday as the 16th chairman of the Commodity Futures Trading Commission, taking control of the derivatives regulator as acting chair Caroline Pham departed after nearly four years at the agency.
Pham’s exit concludes a tenure marked by aggressive pro-crypto initiatives and regulatory modernization efforts that reshaped the CFTC’s approach to digital asset oversight.
Selig, confirmed by the Senate on December 18, arrives at the CFTC after serving as chief counsel of the Securities and Exchange Commission’s Crypto Task Force and senior advisor to SEC Chairman Paul Atkins.
His appointment positions him to lead the agency through what he described as “a unique moment” of technological transformation and potential congressional action on digital asset legislation.
Source: X/@CarolineDPhamPham’s Digital Asset Legacy Reshapes CFTC Operations
Pham’s final year as acting chair delivered multiple regulatory breakthroughs for crypto markets.
She launched the CFTC’s Crypto Sprint in January, implementing recommendations from the President’s Working Group on Digital Asset Markets and achieving milestones, including spot crypto trading on CFTC-registered futures exchanges and a digital asset markets pilot program that allows Bitcoin, Ether, and USDC as collateral.
“It has been the honor of a lifetime to lead the CFTC during such a historic moment for market structure and innovation,” Pham said in her departure statement.
“I am incredibly proud of the CFTC and all its dedicated staff for their hard work and commitment this year to deliver on our pledge to get back to basics and regular order.“
Her modernization drive extended beyond crypto policy. According to CFTC, the agency deployed its first automated market surveillance system, saving nearly $50 million in annualized costs, while restructuring operations to maximize efficiency.
Regulatory relief measures unlocked tens of billions in capital for market participants and launched pilot programs targeting energy market liquidity.
Most recently, Pham also granted no-action relief to four prediction market operators, Polymarket US, LedgerX, PredictIt, and Gemini Titan, easing enforcement pressure while requiring full collateralization and transaction transparency.
The move came during a surge in prediction market activity, with giants like Coinbase and Robinhood already preparing to enter the market.
Selig Pledges Innovation Focus as Agency Expands Oversight
Selig positioned his chairmanship as the start of a new chapter for the CFTC, emphasizing the agency’s role in establishing regulatory frameworks for emerging technologies and products.
“Today begins a new chapter for the CFTC,” Selig said following his swearing-in.
“We are at a unique moment as a wide range of novel technologies, products, and platforms are emerging, retail participation in the commodity markets is at an all-time high, and Congress is poised to send digital asset market structure legislation to the President’s desk.“
His private sector background includes partnership at an international law firm focused on derivatives and securities matters, representing commercial end users, futures commission merchants, commodity trading advisors, swap dealers, and digital asset firms.
That experience navigating CFTC compliance requirements positions him to address regulatory challenges facing platforms seeking clear guidance on registration applications, enforcement matters, and complex transactions.
Selig’s SEC role involved developing regulatory frameworks for digital asset securities markets and harmonizing oversight between the SEC and the CFTC.
He contributed to the President’s Working Group report on “Strengthening American Leadership in Digital Financial Technology,” signaling continuity with Pham’s digital asset agenda.
“Under my leadership, the CFTC will conquer these great frontiers and ensure that the innovations of tomorrow are Made in America,” Selig said, pledging to oversee “the stability and security of America’s commodity derivatives markets during this period of rapid transformation.“
Pham Joins MoonPay
Pham is joining MoonPay as chief legal officer and chief administrative officer, heading legal and policy functions as the payments platform expands its enterprise stablecoin business.
Her departure follows former CFTC commissioner Summer Mersinger’s move to the Blockchain Association and Bo Hines joining Tether after serving as White House Crypto Council executive director.
“I’m thrilled to welcome Michael Selig as the 16th Chairman of the CFTC,” Pham wrote on X. “His pragmatic, common sense approach will ensure the CFTC strikes the right balance of innovation and market integrity.“
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