Senate Approves Mike Selig, Supporter of Cryptocurrency, as Chair of CFTC — Anticipated Developments

The U.S. Senate has approved crypto-friendly attorney Mike Selig as the new chair of the Commodity Futures Trading Commission (CFTC), concluding an extended period of leadership ambiguity at one of the nation’s key financial regulatory bodies.

The confirmation occurred on Thursday as part of a collective endorsement of federal nominees, with senators casting votes of 53–43 in accordance with Senate Resolution 532.

Confirmed, 53-43: Confirmation of the en bloc nominations provided for under the provisions of S.Res.532.

— Senate Cloakroom (@SenateCloakroom) December 19, 2025

Selig’s confirmation arrives as President Donald Trump’s second administration seeks to fill significant regulatory vacancies impacting the digital asset industry.

In addition to Selig, the Senate also appointed Travis Hill as chair of the Federal Deposit Insurance Corporation (FDIC), establishing permanent leadership at two agencies that are crucial in determining how crypto markets function and how crypto firms engage with the banking sector.

Power Without a Mandate: The CFTC’s Quiet Struggle Over Crypto Oversight

At the CFTC, the lack of a Senate-confirmed chair had become an increasing operational challenge. The agency, which operates as a five-member independent commission, had been functioning for several months with only one commissioner.

Acting Chair Caroline Pham remained the sole seated member following a series of resignations earlier in the year, a scenario that concentrated power while also restricting discussion and long-term strategy.

The chair of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam, has announced his resignation, effective January 20, according to a Financial Times report.#CFTC #CryptoRegulations https://t.co/1AY9hfcCKv

— Cryptonews.com (@cryptonews) January 7, 2025

While an acting chair is legally permitted to perform agency functions, the absence of a permanent leader and a full commission limited the CFTC’s capacity to recruit staff, collaborate with other regulators, and push forward significant new rulemakings.

This leadership void was particularly impactful for crypto policy. As Congress continues to deliberate legislation that would broaden the agency’s authority, the lack of a confirmed chair complicated the CFTC’s ability to establish a definitive regulatory path or prepare for an expanded function.

Senate introduces new Crypto Market Structure Bill draft to expand @CFTC authority over digital commodities like $BTC and $ETH.
#ClarityAct #CFTChttps://t.co/qKO9rR7aYs

— Cryptonews.com (@cryptonews) November 11, 2025

Previous nominees, such as Brian Quintenz, were withdrawn due to political tensions, prolonging the period of uncertainty.

During this interim period, Pham concentrated on internal reforms rather than extensive regulatory changes.

Her tenure focused on addressing compliance backlogs, enhancing enforcement procedures, and initiating limited pilot programs related to digital assets.

Pham adopted a “back-to-basics” strategy, resolving internal backlogs and launching initial digital asset initiatives, but the absence of a permanent, Senate-confirmed chair hindered the advancement of intricate rulemakings or close coordination with other regulators like the Securities and Exchange Commission.

The agency also initiated what it termed a “crypto sprint,” a series of targeted efforts that included revising regulatory language to align with blockchain-based markets and formally approving spot crypto trading.

Selig’s Term Begins as CFTC Prepares for a Larger Role in Crypto Markets

Selig now assumes the role with a complete and permanent mandate. He is a former CFTC official and most recently held the position of chief counsel for the SEC’s Crypto Task Force. He was nominated in October, succeeding the administration’s earlier selection for the role.

US President @realDonaldTrump is preparing to nominate @MikeSeligEsq as the next chair of the @CFTC#Trump #Cryptohttps://t.co/UUjnN7ENyC

— Cryptonews.com (@cryptonews) October 25, 2025

His term as chair will extend until April 2029. During his confirmation process, Selig indicated that crypto would be a priority and highlighted ongoing challenges at the agency, including limited staffing, constrained resources, and governance issues.

The CFTC currently has approximately 543 full-time employees, significantly fewer than the SEC’s roughly 4,200 staff members, even as lawmakers in both chambers consider legislation that would grant the CFTC primary oversight of crypto spot markets.

Upon taking office, Selig, the current acting chair, Pham, will leave to join crypto payments company MoonPay as chief legal and administrative officer.

The US CFTC Chair Caroline Pham will join crypto payments firm MoonPay, following the Senate’s confirmation of her successor, Mike Selig.#CFTC #CarolinePham #MoonPayhttps://t.co/Bu3z0uGLvI

— Cryptonews.com (@cryptonews) December 18, 2025

While operating with a single commissioner may facilitate quicker internal decision-making, it also raises concerns regarding legal robustness and bipartisan representation.

Several senators have already indicated that confirming additional commissioners will be a significant issue in 2026.

The post Senate Confirms Pro-Crypto Mike Selig as CFTC Chair — What To Expect appeared first on Cryptonews.