Pro-Crypto Michael Selig Takes CFTC Helm as Caroline Fam Exit Agency
Crypto journalist
Anas Hasan
Crypto journalist
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Michael Selig has been sworn in as the 16th chairman of the Commodity Futures Trading Commission.
Pham's exit changes the CFTC's approach to digital asset regulation, ending a period marked by substantial pro-crypto initiatives and regulatory reform efforts.
Selig, who was confirmed by the Senate on Dec. 18, arrived at the CFTC after serving as chief counsel of the Securities and Exchange Commission's Crypto Task Force and senior adviser to SEC Chairman Paul Atkins.
He described his appointment as a “special moment” given the technological changes he has led the agency and possible congressional action on the Digital Assets Act.
Fam's Digital Asset Legacy Transforms CFTC Operations
Pham's final year as the bench saw several regulatory breakthroughs for crypto markets.
She launched the CFTC's Crypto Sprint in January, implementing recommendations from the President's Task Force on Digital Asset Markets and achieving milestones including spot crypto trading on CFTC-registered futures exchanges and a digital asset markets pilot program that allows Bitcoin, Ether and USDC as collateral.
“It is the honor of a lifetime to lead the CFTC during such a historic time of market structure and innovation,” Pham said in her opening statement.
“I am proud of the CFTC and all of their dedicated employees for their hard work and dedication this year to deliver on our promise to return to a more basic and normal system.”
Her modernization drive goes beyond crypto policy. According to the CFTC, the agency has deployed the first automated market surveillance system, saving nearly $50 million in annual costs while restructuring operations to increase efficiency.
Deregulation measures have opened up tens of billions in capital to market participants and launched pilot programs targeting energy market liquidity.
Most recently, FAM granted no-action relief to four prediction market operators, Polymarket US, DaggerX, PredictIt, and GeminiTitan, easing the enforcement burden and requiring full collateral and transaction transparency.
The move comes amid increased activity in the prediction market, with giants such as Coinbase and Robinhood already preparing to enter the market.
As the agency expands surveillance, Selig has focused on innovation
Selig positions his chairmanship as the beginning of a new chapter for the CFTC, emphasizing the agency's role in establishing regulatory frameworks for emerging technologies and products.
“Today marks the beginning of a new chapter for the CFTC,” Selig said following the swearing-in.
“We are at a unique time as a variety of new technologies, products and platforms are emerging, retail participation in the product market is at an all-time high, and Congress is poised to send the Digital Asset Market Structure Act to the President's desk.”
His private sector background includes partnerships with a global law firm specializing in derivatives and securities, commercial end users, futures commission traders, commodity trading advisors, swap brokers and digital asset firms.
That experience navigating the CFTC's compliance requirements enables it to address regulatory challenges facing platforms that require clear guidance on registration applications, enforcement issues and complex transactions.
Selig's SEC role includes developing the regulatory framework for digital asset securities markets and aligning oversight between the SEC and the CFTC.
Contributed to a report to the President's Task Force on “Strengthening America's Leadership in Digital Financial Technology” that marked the continuation of Pham's digital asset agenda.
“Under my leadership, the CFTC will overcome these major barriers and ensure that tomorrow's innovations are made in America,” Selig said, adding that he is committed to maintaining the stability and security of U.S. commodity derivatives markets during this time of rapid change.
Pham joins Moon Pay
Pham is joining Moonpay as Chief Legal Officer and Chief Administrative Officer, leading legal and policy functions as the payments platform expands its enterprise stablecoin business.
Her departure follows former CFTC Commissioner Summer Mersinger joining the Blockchain Association and Bo Hines joining Tether after serving as executive director of the White House Crypto Council.
“I am very pleased to welcome Michael Selig as the 16th Chairman of the CFTC,” Pham wrote on X.
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