New CFTC Chair Michael Selig Takes Over Amid Evolving Crypto Landscape

Michael Selig, former counsel for the SEC's Crypto Task Force, steps in as the 16th chair of the Commodity Futures Trading Commission (CFTC), taking over from Caroline Pham as Congress evaluates regulations for digital assets.

Key Takeaways

Michael Selig has been sworn in as the new chairman of the CFTC, succeeding Caroline Pham.
Pham initiated significant regulatory frameworks and programs for the crypto markets during her tenure.
Selig is well-versed in cryptocurrency regulation and aims to navigate the evolving landscape of digital assets.
Pham will join MoonPay, enhancing her career in the crypto space.
Both Pham and Selig emphasize the balance between innovation and regulatory integrity in their respective roles.

As the landscape of cryptocurrency continues to evolve, the leadership changes at the CFTC signal a pivotal moment for regulatory actions and legislation impacting the future of digital assets and their market structures.

Michael Selig sworn in as new CFTC chairman.

Introduction to Michael Selig's Role

On Sunday, Michael Selig was officially sworn in as the 16th chairman of the CFTC, taking up the mantle as Caroline Pham concluded her nearly four-year tenure with the agency. Selig's confirmation by the Senate took place on December 18, and his extensive background includes serving as chief counsel for the SEC’s Crypto Task Force and as a senior advisor to SEC Chairman Paul Atkins. He is now positioned to guide the CFTC during a time of significant technological advancements and upcoming legislative actions regarding digital assets.

“.@CFTC Michael Selig Sworn In as 16th CFTC Chairman: https://t.co/K2K2W5ZXTW”
— CFTC (@CFTC) December 22, 2025

Pham's Contributions to Crypto Regulation

During her time as acting chair, Pham initiated several notable regulatory efforts in the cryptocurrency space. In January, the CFTC launched the “Crypto Sprint,” which incorporated suggestions from the President’s Working Group on Digital Asset Markets. These initiatives led to the establishment of spot crypto trading on CFTC-registered futures exchanges and a pilot program that allowed Bitcoin, Ether, and USDC to be used as collateral.

Reflecting on her leadership, Pham remarked, “It has been the honor of a lifetime to lead the CFTC during such a historic moment for market structure and innovation.” She expressed pride in the agency’s accomplishments and the commitment of its staff to return to foundational regulatory principles.

Under Pham's guidance, the CFTC also introduced its first automated market surveillance system, which saved nearly $50 million annually. Significant changes in operations unlocked billions in capital for market participants, while pilot programs aimed at boosting energy market liquidity were also launched.

Pham granted regulatory relief to four prediction market operators—Polymarket US, LedgerX, PredictIt, and Gemini Titan—ensuring they met collateralization and transaction transparency requirements, but reducing enforcement constraints during a surge in prediction market activity, with companies like Coinbase and Robinhood eyeing entry into this sector.

A New Era for the CFTC

In his first statements as CFTC chairman, Selig pointed out the changing landscape of commodities and digital assets. “Today begins a new chapter for the CFTC," he said. "As innovative technologies and platforms emerge, retail engagement in commodity markets is at an all-time high, and Congress is ready to potentially send legislation on digital asset market structure to the President.”

Selig's background includes significant private sector experience, particularly as a partner in an international law firm specializing in derivatives and securities. He has advocated for clarity in regulatory frameworks surrounding digital asset securities and worked towards harmonizing regulations between the SEC and CFTC. His past involvement with the President’s Working Group helped highlight the importance of American leadership in digital financial technology.

The new chairman voiced his commitment, stating, "Under my leadership, the CFTC will conquer these great frontiers and ensure that the innovations of tomorrow are Made in America,” emphasizing his goal to maintain the integrity and stability of the nation’s commodity derivatives markets during this era of rapid change.

Pham's Next Steps

After leaving the CFTC, Pham is set to join MoonPay as their chief legal officer and chief administrative officer, where she will oversee legal and policy efforts as the payment platform expands its stablecoin initiatives. Her departure follows that of former CFTC commissioner Summer Mersinger, who joined the Blockchain Association, and Bo Hines, who moved to Tether after leading the White House Crypto Council.

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