Michael Selig, ex-SEC Crypto Task Force Advisor, Becomes 16th CFTC Chairman as Caroline Pham Leaves for MoonPay, Inherits Crypto Pilots and Threatens DA Legislation.
Summary
- Selig, a former SEC Crypto Task Force and PWG advisor, is being sworn in as the 16th CFTC chairman just as Congress prepares legislation on the structure of the digital asset market.
- Pham’s tenure brought crypto pilots, expanded spot trading, automated surveillance and emergency relief for prediction markets before she left to join MoonPay.
- Selig promises to keep derivatives markets stable while tackling new technology, L2-like platforms and retail participation, putting the CFTC at the center of US crypto policy.
Michael Selig was sworn in Sunday as the 16th chairman of the Commodity Futures Trading Commission, taking control of the derivatives regulator when acting chairman Caroline Pham left after nearly four years at the agency.
Michael Selig sworn in at the American CFTC
Confirmed by the Senate on December 18, Selig previously served as chief advisor to the Securities and Exchange Commission’s Crypto Task Force and as senior advisor to SEC Chairman Paul Atkins. The appointment positions him to lead the agency during a period of technological transformation and potential congressional action on digital asset legislation, according to his swearing-in statement.
Pham’s tenure as acting chairman included multiple regulatory initiatives for crypto markets. The CFTC launched the Crypto Sprint in January and implemented recommendations from the President’s Working Group on Digital Asset Markets. The initiatives resulted in spot cryptocurrency trading on CFTC-registered futures exchanges and a pilot program for digital asset markets that allowed Bitcoin, Ether and USDC as collateral.
“It has been the honor of my life to lead the CFTC during such a historic moment for market structure and innovation,” Pham said in her departure announcement. “I am incredibly proud of the CFTC and all of its dedicated employees for their hard work and dedication this year to deliver on our commitment to get back to basics and restore regular order.”
The agency implemented its first automated market surveillance system during Pham’s leadership, saving nearly $50 million in annualized costs, according to CFTC data. The agency has also restructured its operations and implemented regulatory measures that have freed up tens of billions in capital for market participants, while launching pilot programs focused on energy market liquidity.
Pham granted no-action relief to four prediction market operators – Polymarket US, LedgerX, PredictIt and Gemini Titan – requiring full collateral and transaction transparency while easing enforcement burden. The move came amid increased activity in the prediction market, with companies like Coinbase and Robinhood preparing to enter the market.
“Today begins a new chapter for the CFTC,” Selig said after being sworn in. “We are at a unique moment as a wide range of new technologies, products and platforms are emerging, retail participation in commodity markets is at an all-time high, and Congress is poised to send legislation on the structure of the digital asset market to the President’s desk.”
Selig’s private sector experience includes working at an international law firm focused on derivatives and securities matters and representing commercial end users, futures commission traders, commodity trading advisors, swap dealers and digital asset companies.
During his role at the SEC, Selig developed regulatory frameworks for the digital asset markets and worked to harmonize supervision between the SEC and the CFTC. He contributed to the President’s Task Force report on “Strengthening U.S. Leadership in Digital Financial Technology.”
“Under my leadership, the CFTC will overcome these major limits and ensure that tomorrow’s innovations are Made in America,” Selig declared, pledging to oversee “the stability and security of the U.S. commodity derivatives markets during this period of rapid transformation.”
Pham joins MoonPay as Chief Legal Officer and Chief Administrative Officer, where he will lead legal and policy functions as the payments platform expands its enterprise stablecoin business, the company said. The departure follows former CFTC Commissioner Summer Mersinger’s move to the Blockchain Association and Bo Hines joining Tether after serving as executive director of the White House Crypto Council.
“I am pleased to welcome Michael Selig as the 16th Chairman of the CFTC,” said Pham. “His pragmatic, down-to-earth approach will ensure the CFTC finds the right balance between innovation and market integrity.”
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