- The White House is searching for a new permanent chair of the U.S. Commodity Futures Trading Commission (CFTC) after dropping the previous nominee.
- Caroline Pham is leading the CFTC as acting chair, advancing crypto-focused policies while planning to leave her position.
- A top candidate is Mike Selig, a senior official on crypto policy at the Securities and Exchange Commission, according to sources familiar with the selection process.
- The CFTC currently operates with only one member, raising concerns about policy stability and potential legal challenges.
- Congress continues to debate crypto market structure legislation, with a final outcome delayed by a federal government shutdown and Senate disagreements.
The White House is working to appoint a new permanent chair for the CFTC following the withdrawal of President Donald Trump’s nominee, Brian Quintenz. Caroline Pham continues as acting chair, advancing crypto-friendly initiatives while awaiting her replacement.
Former CFTC Chair Chris Giancarlo said the administration is “hard at work” to nominate qualified candidates and emphasized that a full five-member commission is necessary by law for stability. The commission is currently shorthanded, with Pham as its only active member.
Giancarlo, who has a history of supporting the digital asset sector, stated in an interview on CoinDesk TV, “I’m very optimistic that soon we will have nominees that everyone will say, ‘Wow, great choices.’” He noted that the White House is considering several candidates, not just for the chairmanship but also for other commissioner positions, as a single-member body’s decisions are more open to legal challenges.
One top contender for chair is Mike Selig, known for his crypto work at the SEC. The nominee must be confirmed by the U.S. Senate, which stalled the process for Quintenz after receiving opposition from Gemini CEO Tyler Winklevoss.
The CFTC, which recognized Bitcoin as a commodity in 2015, is expected to play a leading regulatory role if the Senate passes the Digital Asset Market Clarity Act. The House of Representatives has already approved this bill with bipartisan support, but final Senate action has been delayed due to the federal government shutdown and legislative disagreements.
Representative Bryan Steil, chair of the House Financial Services Committee’s crypto subcommittee, told CoinDesk TV that lawmakers aim to finish the process by year-end, although this is later than the original August deadline. Steil suggested the Senate can move faster by using the House’s Clarity Act as a starting point for its work.
Earlier this week, Caroline Pham reassured industry attorneys that the CFTC remains operational during the leadership change. Giancarlo expressed gratitude for her efforts, pointing out her focus on fast-tracking crypto-related projects to match the SEC’s agendas.
For additional details, readers can refer to the related topic: U.S. SEC Takes Preliminary Step to Expand Universe of Crypto Custody to State Trusts.
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