Trump Picks SEC Crypto Task Force’s Mike Selig to Run CFTC: Report
U.S. President Donald Trump has nominated Michael Selig, currently the chief counsel for the SEC's crypto task force, to lead the Commodity Futures Trading Commission (CFTC). This decision indicates a significant push towards a unified regulatory strategy for the cryptocurrency sector, aligning the CFTC with the SEC's pro-crypto policies. The move marks a political victory for crypto billionaires Tyler and Cameron Winklevoss, who successfully influenced the president to withdraw his previous choice, Brian Quintenz, amidst concerns over his stance on regulatory issues affecting their exchange, Gemini. Selig's appointment comes at a crucial time for the CFTC, which is under-resourced and facing challenges related to rapidly evolving cryptocurrency markets and predictive markets. His leadership is expected to significantly shape the CFTC's regulatory framework over the coming years, addressing not only cryptocurrencies but also new sectors emerging from this industry. The agency is currently functioning with limited staffing, which makes the arrival of fresh leadership critical for future policymaking.
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