President Donald Trump has selected Michael Selig, currently chief counsel for the Securities and Exchange Commission's Cryptocurrency Task Force, to head the US Commodity Futures Trading Commission (CFTC), Bloomberg reported on October 24.
The nomination puts a legal expert on cryptocurrencies at the helm of the agency that will become the primary regulator of the digital asset industry.
Selig's appointment comes at a time when lawmakers are considering legislation that would explicitly give the CFTC greater authority over cryptocurrency markets.
With a background that includes leading the SEC's crypto initiatives and representing clients in the sector in private practice, Selig brings a unique perspective to the position.
He replaces the previous nominee, Brian Quintenz of a16z, whose appointment stalled over conflict-of-interest issues.