U.S. President Donald Trump selected Michael Selig to serve as chair of the Commodity Futures Trading Commission (CFTC), Selig acknowledged recently on X.
The selection could be a pivotal move in the administration's broader push to strengthen the country's position in digital asset regulation.
Key Takeaways
- President Trump picks Michael Selig as chair of the CFTC.
- The appointment aligns with the administration's ongoing efforts to expand the country's role in digital asset regulation.
- Trump Media's recent market initiatives further highlight the administration's crypto integration into its economic agenda.
The decision aligns with the administration's goal to make America "the crypto capital of the world."
Selig joined the CFTC in March 2025 and has been the general counsel for its cryptocurrency task force. Before joining, he worked at Willkie Farr & Gallagher and assisted with Securities and Exchange Commission chairman Paul Atkins' crypto policy projects, according to Reuters.
His rise comes after the nomination of former CFTC commissioner Brian Quintenz was put on hold because industry leaders, such as Gemini cofounder Tyler Winklevoss, opposed it.
Selig is in charge of implementing the GENIUS Act and CLARITY Act, which were passed earlier this year to improve the monitoring of digital assets.
His leadership shows that authorities and private businesses will work together more closely, especially because Trump and high-ranking officials like AI and crypto czar David Sacks are pushing for more freedom in the blockchain sector.
Selig's words made that aim even stronger, as he wants to "facilitate well-functioning commodity markets" while also promoting freedom and competition in new markets.
Trump Media expands into prediction markets
Trump Media & Technology Group said it will join the prediction markets industry by partnering with Crypto.com Derivatives North America. This is part of the administration's digital finance ambition.
The project, which caused the company's stock to jump more than 6%, will add a new feature to Truth Social dubbed "Truth Predict." This would let users exchange prediction contracts on sports, elections, and other events.
"With more than $3 billion in financial assets as of the end of the second quarter, and having posted our first quarter of positive operating cash flow after going public just last year, Trump Media is well-positioned to leverage our strong balance sheet and existing social media capabilities," said Devin Nunes, chairman and CEO of Trump Media.
But the process could face roadblocks. Ro Khanna, a California lawmaker and vice chair of the Congressional Progressive Caucus, has said she would explore ways to restrict President Trump and his family from trading bitcoin.
The agreement comes when prominent financial exchanges pay more attention to prediction platforms like Polymarket and Kalshi, and more investors are interested in them.
Kris Marszalek, CEO of Crypto.com, said prediction markets may become a "multi-deca-billion-dollar industry." Truth Predict will undergo beta testing before a full U.S. launch.
