US CFTC Chair Selig Appoints Crypto Lawyer as Senior Adviser
The chair of the U.S. Commodity Futures Trading Commission (CFTC), Michael Selig, has named two senior advisers, including a lawyer with extensive experience in cryptocurrency and blockchain litigation. In a notice on Tuesday, Selig said Michael Passalacqua, formerly an associate at Simpson Thacher & Bartlett, will join the commission as a senior adviser, citing his work on financial regulatory matters involving crypto assets and blockchain technologies.
Selig noted that earlier in his career, Passalacqua served as assistant general counsel at a crypto asset capital markets firm, where he advised on a range of regulatory and transactional issues related to digital assets.
According to Simpson Thacher & Bartlett, Passalacqua contributed to a letter that preceded a U.S. Securities and Exchange Commission (SEC) no-action position allowing state-chartered trust companies to serve as crypto custodians. In September, the SEC’s Division of Investment Management said it would not recommend enforcement actions against advisers that use a state trust company as a crypto custodian.
Selig also appointed Cal Mitchell, a former U.S. Treasury Department official, as a senior adviser as the CFTC prepares for a potentially expanded role in overseeing digital assets. He said the commission is working to “future-proof” its regulatory framework in light of pending U.S. Senate legislation that would assign the CFTC a broad set of new responsibilities for digital asset markets.
His comments followed similar remarks in October by SEC Chair Paul Atkins, who said the securities regulator would seek to “future-proof” U.S. President Donald Trump’s crypto agenda. Some analysts have cautioned that elements of the administration’s policies, including those related to digital assets, could be rolled back if Democrats gain control of the Senate or House of Representatives in the 2026 elections.
CFTC chair is currently the only commissioner
Selig, nominated by Trump after the resignation of former acting Chair Caroline Pham, remains the agency’s sole serving commissioner following leadership departures in 2025. As of Tuesday, the White House had not announced nominations for additional commissioners from either party.
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