Michael Selig was sworn in on Sunday as the 16th chairman of the Commodity Futures Trading Commission (CFTC). He takes over after Caroline Pham, who ran the agency for almost four years and now moves to MoonPay as chief legal officer and chief administrative officer.
Michael Selig sworn in as 16th CFTC chairman on December 22, 2025
Leadership Change at the CFTC
Selig got confirmed by the Senate on December 18, 2025, officially taking the top spot at the CFTC. Before this, he worked as chief counsel for the SEC’s Crypto Task Force and as a senior advisor to SEC Chairman Paul Atkins.
Pham’s time as acting chair focused on updating rules and supporting crypto markets. Her departure ends a period of major changes that shaped how the agency deals with digital assets and traditional commodities.
Pham’s Work on Crypto and Markets
Pham pushed several programs to open up crypto markets and make trading easier. She started the CFTC’s Crypto Sprint, following recommendations from the President’s Working Group on Digital Asset Markets.
Caroline Pham concluded nearly four years at the CFTC, leaving a legacy of crypto-focused reforms
The program allowed spot crypto trading on CFTC-registered futures exchanges and started a digital asset pilot program. This lets Bitcoin, Ether, and USDC be used as collateral, giving traders more options to handle their assets.
She also rolled out the agency’s first automated market surveillance system, which could save almost $50 million each year. Pham improved reporting, increased efficiency, and supported energy market liquidity.
Near the end of her tenure, Pham gave no-action relief to prediction market operators like Polymarket US, LedgerX, PredictIt, and Gemini Titan. These moves made it easier for them to operate while keeping trades transparent and properly collateralized.
Pham said, “It has been the honor of a lifetime to lead the CFTC during such a historic moment for market structure and innovation.”
Michael Selig’s Background
Selig has wide experience in both private and public work. He has advised futures commission merchants, swap dealers, exchanges, and digital asset firms on registration, compliance, and tricky transactions.
At the SEC, he worked on rules for digital asset securities and on matching SEC and CFTC oversight. He also helped write the President’s Working Group report on “Strengthening American Leadership in Digital Financial Technology,” which shows he’ll continue Pham’s crypto agenda.
He also worked in private law firms, specializing in derivatives and securities matters. His mix of law, policy, and compliance experience gives him tools to handle both traditional markets and fast-moving digital asset spaces.
Selig’s Goals for the CFTC
After being sworn in, Selig called his leadership the start of a “new chapter” for the CFTC. He mentioned the rise of new tech, record retail participation, and expected congressional laws on digital assets.
He said, “We are at a unique moment as a wide range of technologies, products, and platforms are emerging, and Congress is poised to send digital asset market structure legislation to the President’s desk.”
I am honored to be confirmed as the 16th Chairman of the @CFTC.
I want to again express my gratitude to President Donald J. Trump @POTUS for placing his trust and confidence in me to lead the agency during this historic time. I also want to thank @SenateAgGOP and the U.S. Senate…
— Mike Selig (@MichaelSelig) December 22, 2025
Selig wants to set simple rules, give clear guidance to traders, and keep derivatives markets safe while the industry changes fast.
Working With the Private Sector
Selig’s time in private practice gives him insight into the struggles companies face under CFTC rules. He’s worked with commercial users, trading advisors, and digital asset firms on compliance.
This makes him well-positioned to guide platforms through registration, enforcement, and other rules. His approach is expected to continue Pham’s push for innovation while keeping oversight practical.
Pham Moves to MoonPay
Pham will lead legal and policy work at MoonPay, a crypto payments company expanding its stablecoin business. Her move comes as other high-profile figures leave the CFTC for industry roles.
Pham welcomed Selig on social media, saying, “I’m 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.”
I am thrilled to welcome @MichaelSelig 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. It has been the honor of a lifetime to lead the CFTC during such a historic moment for… pic.twitter.com/Gmprmxrgd6
— Caroline D. Pham (@CarolineDPham) December 22, 2025
The Future of Digital Asset Oversight
With Selig at the helm, the CFTC is expected to keep building frameworks for digital asset regulation. His mix of policy and private sector work gives him a strong base to manage emerging markets.
The agency now handles traditional commodities, digital assets, and prediction markets, balancing growth with oversight. Selig’s leadership is seen as a step toward clearer rules and stable guidance, continuing efforts to make the U.S. a hub for digital financial innovation.
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Preparing for a New Era
As Congress considers giving the CFTC more power over crypto markets, Selig’s tenure could shape the next phase of U.S. financial regulation. The agency will focus on simplifying rules, supporting innovation, and keeping trading transparent.
Pham’s exit closes one chapter, while Selig’s appointment opens another. His leadership will focus on continuity, practical oversight, and helping the digital asset sector grow responsibly in a fast-changing market.
