Michael Selig Becomes CFTC Chairman as Caroline Pham Steps Down

Michael Selig has been appointed the 16th chairman of the Commodity Futures Trading Commission (CFTC), taking over from Caroline Pham, who led the agency for nearly four years. Selig's leadership comes at a crucial time for digital asset regulation as he aims to continue Pham’s initiatives while addressing the evolving landscape of cryptocurrency and blockchain technology.

Key Takeaways

Michael Selig has taken over as chairman of the CFTC following Caroline Pham's departure.
Pham's tenure was characterized by significant advancements in crypto regulation and modernization efforts.
Selig is expected to lead the agency through a transformative period, focusing on regulatory frameworks for emerging technologies.
Pham has joined MoonPay as chief legal officer and chief administrative officer, furthering her involvement in the crypto sector.

Pham’s Impact on CFTC Operations

Caroline Pham's final year as acting chair brought notable regulatory achievements for the crypto markets. In January, she initiated the CFTC's Crypto Sprint, which implemented recommendations from the President’s Working Group on Digital Asset Markets. This initiative achieved key milestones such as enabling spot crypto trading on CFTC-registered futures exchanges and launching a pilot program for using 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 expressed in her farewell statement. “I am incredibly proud of the CFTC and all its dedicated staff for their hard work and commitment this year in fulfilling our pledge to return to basics.”

Pham's modernization efforts were not confined to cryptocurrency policy. The CFTC also deployed its first automated market surveillance system, resulting in nearly $50 million in annual cost savings. Additionally, her initiatives unlocked tens of billions in capital for market participants and addressed liquidity in the energy market through pilot programs.

Most recently, Pham provided no-action relief to several prediction market operators—including Polymarket US, LedgerX, PredictIt, and Gemini Titan—reducing regulatory burden while ensuring full collateralization and transparency in transactions. This decision came as prediction market activity surged, with major platforms like Coinbase and Robinhood preparing to enter the space.

CFTC Michael Selig - Caroline D Pham

Selig’s Vision for the CFTC

In his inaugural remarks, Michael Selig embraced his role as the beginning of a new era for the CFTC. He highlighted the agency's pivotal role in shaping regulatory frameworks for new technologies and products. “Today begins a new chapter for the CFTC,” he stated after his swearing-in ceremony. “We are at a unique moment as a wide range of novel technologies, products, and platforms are emerging, retail participation in commodity markets is at an all-time high, and Congress is close to sending digital asset market structure legislation to the President’s desk.”

Selig comes to the CFTC equipped with a comprehensive background in the private sector, having worked as a partner at an international law firm with expertise in derivatives and securities issues. His experience extends to representing various stakeholders in the market, including commercial end users and digital asset firms, which will be invaluable as he navigates the regulatory landscape.

His previous role at the SEC involved creating regulatory frameworks for digital asset securities and harmonizing oversight between the CFTC and SEC, contributing to initiatives like 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 pledged, focusing on providing stability and security in America’s commodity derivatives markets amidst rapid transformation.

Caroline Pham's Next Steps

Following her departure from the CFTC, Pham has joined MoonPay as the chief legal officer and chief administrative officer, where she will oversee legal and policy functions as the payments platform seeks to grow its enterprise stablecoin business. This move follows other transitions in the crypto space, including former CFTC commissioner Summer Mersinger joining the Blockchain Association and Bo Hines moving to Tether after serving as executive director of the White House Crypto Council.

“I’m thrilled to welcome Michael Selig as the 16th Chairman of the CFTC,” Pham mentioned on X. “His pragmatic, common-sense approach will ensure the CFTC strikes the right balance of innovation and market integrity.”