Senate Confirms Mike Selig as Chair of the CFTC

The U.S. Senate has confirmed lawyer Mike Selig as chair of the Commodity Futures Trading Commission (CFTC), following months in which the agency operated without a Senate-confirmed leader.

The confirmation vote took place Thursday as part of a group of federal nominations approved under Senate Resolution 532. Senators voted 53–43 to confirm Selig to the post.

Selig’s confirmation comes as the Trump administration fills senior regulatory positions that affect oversight of derivatives markets and digital assets.

At the same time, the Senate confirmed Travis Hill as chair of the Federal Deposit Insurance Corporation (FDIC), placing confirmed leadership at two agencies that influence how crypto firms interact with financial markets and the banking system.

CFTC operated without a confirmed chair

Before Selig’s confirmation, the CFTC had been functioning with a limited leadership structure. The agency is designed to operate as a five-member commission, but earlier resignations left only one sitting commissioner for several months.

During that period, Caroline Pham served as acting chair. While the agency continued to carry out its statutory responsibilities, formal commission deliberations were limited with only one seated member.

Coordination with other financial regulators, including the Securities and Exchange Commission, was also limited during this period, as lawmakers continued to debate how oversight of digital asset markets should be divided between agencies.

Previous nominees for the CFTC chair role were withdrawn earlier in the year after failing to secure sufficient political support, extending the period without a confirmed chair.

Interim focus remained on internal operations

While operating under interim leadership, the CFTC focused on administrative and operational matters. The agency worked through enforcement backlogs, reviewed internal compliance processes, and updated regulatory language to better align with blockchain-based markets.

The CFTC also approved a small number of actions related to digital assets, including limited steps connected to spot crypto trading. Broader rulemaking efforts were not advanced during this period.

Selig begins term amid ongoing regulatory debate

Selig takes office with prior experience at the CFTC, having previously served in senior roles at the agency. More recently, he worked as chief counsel to the Securities and Exchange Commission’s Crypto Task Force.

He was nominated in October after the administration withdrew its earlier candidate. His term as CFTC chair is scheduled to run through April 2029.

During his confirmation process, Selig said digital asset oversight would be among his priorities. He also pointed to operational challenges at the agency, including staffing and resource constraints.

The CFTC employs roughly 543 full-time staff, compared with about 4,200 at the SEC. That difference has taken on greater significance as lawmakers consider legislation that would place oversight of crypto spot markets under the CFTC’s authority.

Transition ahead at the commission

Once Selig is sworn in, Acting Chair Caroline Pham is expected to leave the agency and join crypto payments firm MoonPay as chief legal and administrative officer.

Operating with fewer commissioners can allow decisions to move forward more quickly, but lawmakers have said that confirming additional commissioners remains an unresolved issue. Several senators have indicated that filling remaining CFTC seats will be a focus in 2026.

Selig’s confirmation ends a months-long period in which the CFTC operated without a Senate-confirmed chair.

Also Read: Senate Proposes CFTC Regulation of Bitcoin and Ether Trading