The U.S. Senate has confirmed crypto-friendly lawyer Mike Selig as the next chair of the Commodity Futures Trading Commission (CFTC), ending a prolonged period of leadership uncertainty at one of the country’s most important financial regulators.
The confirmation passed Thursday as part of a mass approval of federal nominees, with senators voting 53–43 under the provisions of Senate Resolution 532.
Selig’s confirmation comes as President Donald Trump’s second administration moves to fill some of the most consequential regulatory vacancies affecting the digital asset sector.
Alongside Selig, the Senate also elevated Travis Hill to chair the Federal Deposit Insurance Corporation (FDIC), placing permanent leadership at two agencies that play central roles in how crypto markets operate and how crypto companies interact with the banking system.
Power Without a Mandate: The CFTC’s Quiet Struggle Over Crypto Oversight
At the CFTC, the absence of a Senate-confirmed chair had become a growing operational problem. The agency, which is structured as a five-member independent commission, has been operating for months with just a single commissioner.
Acting Chair Caroline Pham remained the only seated member after a wave of resignations earlier in the year, a situation that concentrated authority while also limiting deliberation and long-term planning.
Although an acting chair can legally carry out agency functions, the lack of a permanent leader and full commission constrained the CFTC’s ability to build staff, coordinate with other regulators, and advance major new rulemakings.
That leadership gap mattered most for crypto policy. While Congress continues to debate legislation that would expand the agency’s mandate, the absence of a confirmed chair made it harder for the CFTC to set a clear regulatory direction or prepare for an expanded role.
Previous nominees, including Brian Quintenz, were withdrawn amid political friction, extending the period of uncertainty.
During this interim phase, Pham focused on internal reforms rather than sweeping regulatory changes.
Her tenure emphasized clearing compliance backlogs, streamlining enforcement processes, and launching limited pilot initiatives tied to digital assets.
Pham led a “back-to-basics” approach, resolving internal backlogs and launching early digital asset initiatives, but the lack of a permanent, Senate-confirmed chair made it harder to advance complex rulemakings or coordinate closely with other regulators such as the Securities and Exchange Commission.
The agency also began what it called a “crypto sprint,” a set of targeted efforts that included updating regulatory language to reflect blockchain-based markets and formally approved spot crypto trading.
Selig’s Term Begins as CFTC Prepares for a Larger Role in Crypto Markets
Selig now takes on the role with a full and permanent mandate. He is a former CFTC official and most recently served as chief counsel to the SEC’s Crypto Task Force. He was nominated in October, replacing the administration’s earlier choice for the position.
His term as chair will run through April 2029. During his confirmation process, Selig said crypto would be a priority and also pointed to ongoing challenges at the agency, including limited staffing, tight resources, and governance concerns.
The CFTC currently employs about 543 full-time staff, far fewer than the SEC’s roughly 4,200 employees, even as lawmakers in both chambers consider bills that would give the CFTC primary oversight of crypto spot markets.
Once sworn in, Selig, the current acting chair, Pham, will depart to join crypto payments firm MoonPay as chief legal and administrative officer.
While operating with a single commissioner may allow faster internal decision-making, it also raises questions about legal durability and bipartisan balance.
Several senators have already stated that confirming additional commissioners will be a key issue in 2026.
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