Michael Selig, ex‑SEC Crypto Task Force counsel, becomes the 16th CFTC chair as Caroline Pham departs for MoonPay, inheriting crypto pilots and looming DA legislation.
Summary
- Selig, a former SEC Crypto Task Force and PWG advisor, is sworn in as 16th CFTC chair just as Congress prepares digital asset market structure legislation.
- Pham’s tenure brought crypto pilots, expanded spot trading, automated surveillance and no‑action relief for prediction markets before she left to join MoonPay.
- Selig pledges to keep derivatives markets stable while tackling new tech, L2‑style platforms and retail participation, positioning the CFTC at the core of U.S. crypto policy.
Michael Selig was sworn in Sunday as the 16th chairman of the Commodity Futures Trading Commission, assuming control of the derivatives regulator as acting chair Caroline Pham departed after nearly four years at the agency.
Michael Selig sworn into US agency CFTC
Selig, confirmed by the Senate on December 18, previously served as chief counsel of the Securities and Exchange Commission’s Crypto Task Force and senior advisor to SEC Chairman Paul Atkins. The appointment positions him to lead the agency during a period of technological transformation and potential congressional action on digital asset legislation, according to his swearing-in statement.
Pham’s tenure as acting chair included multiple regulatory initiatives for crypto markets. The CFTC launched the Crypto Sprint in January, implementing recommendations from the President’s Working Group on Digital Asset Markets. The initiatives resulted in spot crypto trading on CFTC-registered futures exchanges and a digital asset markets pilot program permitting Bitcoin, Ether, and USDC as collateral.
“It has been the honor of a lifetime to lead the CFTC during such a historic moment for market structure and innovation,” Pham stated in her departure announcement. “I am incredibly proud of the CFTC and all its dedicated staff for their hard work and commitment this year to deliver on our pledge to get back to basics and regular order.”
The agency deployed its first automated market surveillance system during Pham’s leadership, saving nearly $50 million in annualized costs, according to CFTC data. The agency also restructured operations and implemented regulatory relief measures that unlocked tens of billions in capital for market participants while launching pilot programs targeting energy market liquidity.
Pham granted no-action relief to four prediction market operators—Polymarket US, LedgerX, PredictIt, and Gemini Titan—requiring full collateralization and transaction transparency while easing enforcement pressure. The action occurred during increased prediction market activity, with firms including Coinbase and Robinhood preparing to enter the market.
“Today begins a new chapter for the CFTC,” Selig stated following his swearing-in. “We are at a unique moment as a wide range of novel technologies, products, and platforms are emerging, retail participation in the commodity markets is at an all-time high, and Congress is poised to send digital asset market structure legislation to the President’s desk.”
Selig’s private sector experience includes partnership at an international law firm focused on derivatives and securities matters, representing commercial end users, futures commission merchants, commodity trading advisors, swap dealers, and digital asset firms.
During his SEC role, Selig developed regulatory frameworks for digital asset securities markets and worked on harmonizing oversight between the SEC and CFTC. He contributed to the President’s Working Group report on “Strengthening American Leadership in Digital Financial Technology.”
“Under my leadership, the CFTC will conquer these great frontiers and ensure that the innovations of tomorrow are Made in America,” Selig stated, pledging to oversee “the stability and security of America’s commodity derivatives markets during this period of rapid transformation.”
Pham is joining MoonPay as chief legal officer and chief administrative officer, heading legal and policy functions as the payments platform expands its enterprise stablecoin business, according to the company. The departure follows former CFTC commissioner Summer Mersinger’s move to the Blockchain Association and Bo Hines joining Tether after serving as White House Crypto Council executive director.
“I’m thrilled to welcome Michael Selig as the 16th Chairman of the CFTC,” Pham stated. “His pragmatic, common sense approach will ensure the CFTC strikes the right balance of innovation and market integrity.”
