President Donald Trump appointed Michael Seliger – one of the most experienced crypto lawyers in Washington – as the chairman of the Commodity Futures Trading Commission (CFTC), Bloomberg reported.

Selig, who is currently the chief advisor in the SEC's special crypto group and previously worked as a partner at Willkie Farr & Gallagher, is expected to undergo approval hearings in the Senate in the coming weeks. His appointment comes at a time when Congress is preparing to expand the CFTC's powers over digital assets through bipartisan legislation.
Industry representatives rushed to welcome the appointment, describing Seliga as both competent and pragmatic. "Mike understands how to balance innovation with the law," said Amanda Tuminelli, executive director of the DeFi Education Fund.
The nomination comes after the White House's decision to withdraw the previous candidate – Brian Quintenz from a16z – after concerns were raised about a potential conflict of interest. Despite the disappointment over Quintenz's withdrawal, many representatives of the crypto industry see Selig as an ideal replacement.
The chief legal officer of Variant Fund, Jake Chervinsky, described the nomination as a "perfect hit" for the digital asset sector. "He is one of the sharpest legal minds in crypto policy," said Chervinsky, adding that Selig's deep understanding of both securities laws and derivatives makes him "perfect for the position."
If approved, Seligi will take the helm of the CFTC at a critical moment – when it may finally be determined how the U.S. will regulate the trillion-dollar crypto market.