The US Commodity Futures Trading Commission announced a leadership transition on Monday, with acting chair Caroline Pham stating it was her final day at the agency and Mike Selig being sworn in as chair.
Pham had served as the CFTC’s acting chair since January and as its sole commissioner since August. She confirmed on Monday that it would be her last day at the regulator.
The CFTC said Selig was sworn in as the agency’s 16th chairman on Monday. He was nominated by President Donald Trump on Oct. 27 and confirmed by the Senate on Thursday.
Pham’s exit leaves Selig as the CFTC’s only commissioner. He is widely viewed as supportive of crypto and previously served as chief counsel of the Securities and Exchange Commission’s Crypto Task Force.
Selig outlines approach to digital-asset oversight
Selig will serve a term that runs through April 2029 and has previously said he intends to encourage the development of technologies such as crypto and blockchain while avoiding a “regulation by enforcement” strategy.
“I’m grateful for the confidence President Trump has placed in me and for the opportunity to lead the CFTC at this pivotal time,” Selig said. “We are at a unique moment as a wide range of novel technologies, products, and platforms are emerging, retail participation in the commodity markets is at an all-time high, and Congress is poised to send digital asset market structure legislation to the President’s desk, cementing the US as the Crypto Capital of the World.”
On Monday, White House crypto czar David Sacks said Selig and SEC chair Paul Atkins were a “dream team to define clear regulatory guidelines.”
Pham to move to crypto following CFTC tenure
Pham had said she would depart once Congress confirmed a permanent leader for the agency, and on Wednesday MoonPay confirmed earlier reports that she would join the crypto fintech firm.
During her time as acting chair, Pham took an active role in advancing crypto policy.
Pham said in her departing statement that the CFTC had “refocused on our mandate to promote responsible innovation and fair competition as the CFTC prepares to take on expanded oversight of new markets and new products like digital assets, crypto, and prediction markets.”
“I am thrilled to welcome Michael Selig as the 16th Chairman of the CFTC. His pragmatic, common-sense approach will ensure the CFTC strikes the right balance of innovation and market integrity,” she added.
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