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Michael Selig Confirmed to Lead CFTC as Acting Chair Pham Joins MoonPay
Source: CoinEdition Original Title: Michael Selig Confirmed to Lead CFTC as Acting Chair Pham Joins MoonPay Original Link: https://coinedition.com/michael-selig-to-lead-cftc-travis-hill-confirmed-fdic-chairman/
Senate Confirms Crypto-Friendly CFTC Leadership
The U.S. Senate on Tuesday confirmed Michael Selig as chairman of the Commodity Futures Trading Commission (CFTC) by a 53-43 vote, becoming the 15th chairman of the agency. This move is seen as supporting a more crypto-friendly direction for one of the country’s top financial regulators.
Selig currently serves as chief counsel to the Securities and Exchange Commission’s Crypto Task Force and has advised SEC leadership on digital asset policy. He is known for supporting innovation and clearer rules for cryptocurrency markets.
At the CFTC, Selig will be responsible for regulating crypto derivatives, including futures and options tied to Bitcoin and Ether. The CFTC classifies both assets as commodities, rather than securities.
Trump Nomination Follows Earlier Setback
President Donald Trump nominated Selig in October after withdrawing his previous choice, Brian Quintenz, following a prolonged and contentious confirmation process. Quintenz’s nomination faced criticism from parts of the crypto industry over potential conflicts of interest and was ultimately dropped.
Former CFTC Acting Chair Joins MoonPay
On the flip side, acting CFTC Chair Caroline D. Pham is leaving the U.S. regulator to join crypto payments firm MoonPay as Chief Legal Officer and Chief Administrative Officer. Pham will help guide the company’s next phase of growth while strengthening compliance and regulatory operations.
MoonPay recently secured a New York trust charter, a regulatory approval that allows the firm to expand its financial services offerings in the United States.
“I’m excited to join MoonPay at a pivotal moment,” Pham said in a statement.