Mike Selig Emerges as Frontrunner for CFTC Chair, Signaling Shift in Crypto Regulation
Mike Selig, previously chief counsel of the SEC's crypto task force, has emerged as the frontrunner to chair the Commodity Futures Trading Commission (CFTC). The nomination comes after the withdrawal of Brian Quintenz, who faced pressure from Tyler Winklevoss. Other candidates include Tyler Williams, Josh Sterling, Jill Sommers, and acting chair Caroline Pham.
Selig's nomination is significant as the CFTC chair will influence the future of crypto regulation following the passage of the CLARITY Act. The act treats most cryptocurrencies as commodities, giving the CFTC a significant role in their oversight. Selig, who opposed the Gary Gensler-era 'regulation by enforcement' approach to crypto, is expected to bring a different perspective to the role.
Selig's background includes working at Willkie Farr & Gallagher and serving as a law clerk to ex-CFTC Chair Chris Giancarlo. He is supported by Stuart Alderoty, chief legal officer at Ripple, for his candidacy. Acting chair Caroline Pham, who has led the CFTC with a crypto-friendly stance, allowing offshore exchanges to serve U.S. customers, is also among the candidates.
Mike Selig's nomination as CFTC chair signals a shift in approach to crypto regulation. With the CLARITY Act's passage, the CFTC's role in overseeing cryptocurrencies has expanded. Selig's opposition to the 'regulation by enforcement' approach and his support from industry figures like Stuart Alderoty indicate a potential new direction for the commission.
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