Trump nominates ‘crypto-friendly’ Michael Selig as CFTC chairman… a signal for cooperation with the SEC.

SEC Crypto TF Senior Counsel Appointed as CFTC Chair… Regulatory Clarity Work Expected to Accelerate

Donald Trump has nominated Michael Selig as the next chairman of the Commodity Futures Trading Commission (CFTC), Bloomberg reported on the 24th, citing administration officials.

This appointment is drawing significant market attention as someone well-versed in the cryptocurrency industry will be leading a regulatory agency.

Michael Selig currently serves as Chief Counsel of the Securities and Exchange Commission's (SEC) Crypto Task Force. He is known as a key figure who has been coordinating digital asset regulatory approaches with SEC Chairman Paul Atkins.

The move of a key SEC figure to lead the CFTC is unusual, and is interpreted as a strong signal that close cooperation and role establishment will take place between the two major regulatory agencies that have been vying for jurisdiction over whether cryptocurrencies are securities or commodities.

Bloomberg analyzed that this nomination came as the digital asset industry, which has been under regulatory pressure, is moving to center stage through new legislation and laws under the Trump administration.

Selig's nomination is seen as a reflection of the industry's calls for clear guidelines on cryptocurrencies. Currently, ensuring regulatory clarity, including a cryptocurrency market structure bill, is being addressed as a major agenda in Congress.

Selig's nomination will be finalized after going through Senate confirmation procedures. Attention is focused on what changes the CFTC will bring to digital asset market regulation, especially the derivatives market, in cooperation with the SEC under his leadership.