The U.S. Senate has confirmed Michael Selig as Chairman of the Commodity Futures Trading Commission (CFTC) by a vote of 53 to 43, with no Democratic support. This confirmation, hailed by White House "AI and Crypto Czar" David Sacks, completes what he calls a regulatory "dream team" alongside SEC Chairman Paul Atkins. Sacks asserts this pairing, appointed by President Trump, is positioned to bring definitive clarity to digital asset regulation and transform the United States into the "Crypto Capital of the World."
The core mission of this new leadership is to shift from a policy of "regulation by enforcement" to establishing a robust legislative framework. Chairman Selig confirmed that Congress is ready to finalize work on the Responsible Financial Innovation Act, a pivotal market structure bill. This legislation aims to clearly delineate regulatory jurisdiction between the CFTC and the SEC, granting the CFTC significantly greater authority over the digital commodity spot market.
Although legislative progress was paused for the year-end recess, the Senate Banking Committee is expected to resume work on the proposal in January 2026. The bill is seen as fundamental for providing the legal certainty that financial institutions have long demanded. However, the path forward faces potential obstacles, as some lawmakers have expressed concerns about how the law will address decentralized finance (DeFi), which could slow the voting process.
The confirmation also marks a transition in CFTC leadership, with the imminent departure of former Acting Chair Caroline Pham to the private sector. Selig, in his statement, emphasized the CFTC's role in pioneering "common-sense rules of the road" during a period of rapid technological transformation and high retail participation in commodity markets.
