Michael Selig officially replaces Caroline Pham as the CFTC chairman.

The Commodity Futures Trading Commission (CFTC) has officially changed leadership as Acting Chair Caroline Pham left the agency on Monday, while Mike Selig was sworn in as the 16th Chair. Ms. Pham held the role of Acting Chair since January and has been the only Commissioner of the CFTC since August. After her departure, Mr. Selig became the sole Commissioner of the agency.

Mr. Selig was nominated by President Donald Trump on October 27 and was confirmed by the Senate, with a term lasting until April 2029. He is seen as a supporter of cryptocurrency, having previously served as the Chief Advisor of the SEC's Cryptocurrency Task Force, and is committed to avoiding an "enforcement-driven regulatory" approach to promote technological innovation such as crypto and blockchain.

Meanwhile, Ms. Pham confirmed that she will transition to the cryptocurrency fintech sector, joining MoonPay, after the phase of pushing for CFTC support for responsible innovation and overseeing digital asset markets.