White House Crypto Czar David Sacks Endorses Michael Selig for CFTC Chairmanship

White House crypto advocate David Sacks has expressed his approval of former President Donald Trump’s decision to nominate Michael Selig, the current crypto counsel for the Securities and Exchange Commission (SEC), as the new chair of the Commodity Futures Trading Commission (CFTC). Acting CFTC Chairwoman Caroline Pham expressed her support for Selig’s nomination, emphasizing her eagerness to collaborate with him.

### White House Crypto Czar Endorses Selig’s Appointment

David Sacks utilized a social media post to commend President Trump’s decision, describing the choice of Michael Selig as a well-considered move for American financial regulatory leadership. Sacks highlighted Selig’s extensive knowledge of financial markets along with his dedication to enhancing regulatory frameworks to bolster the U.S. position in the evolving digital asset landscape.

Earlier coverage by financial news outlets noted the significance of Selig’s nomination, as the CFTC, alongside the SEC, plays a crucial role in the regulatory oversight of cryptocurrency markets. With his nomination now pending Senate confirmation, Sacks emphasized Selig’s vital contributions to advancing President Trump’s crypto-friendly agenda through his role as Chief Counsel of the SEC Crypto Task Force.

Sacks also underscored Selig’s in-depth expertise in traditional commodities markets gained through his tenure at the CFTC under former chairman Chris Giancarlo. He expressed enthusiasm about collaborating with Selig to fulfill Trump’s vision of positioning the United States as a global hub for cryptocurrency innovation and commerce.

### Support from Acting CFTC Chair Caroline Pham

Caroline Pham, the acting CFTC chairwoman, offered her congratulatory remarks for Selig following his nomination for the chairmanship. She accentuated his profound understanding of CFTC-regulated markets, asserting that this acumen would benefit not only traditional market participants but also emerging crypto enterprises navigating the regulatory landscape.

Pham articulated her belief that Selig is the ideal leader to navigate this critical juncture characterized by rapid advancements in technology and market structures. Highlighting active regulatory initiatives, such as the CFTC’s Crypto Sprint and the SEC’s Project Crypto, she envisaged a forthcoming ‘Golden Age of Crypto,’ propelled by innovative regulatory approaches.

In her statement, Pham also assured a supportive transition and seamless handover of duties to Michael Selig. She acknowledged the former president’s trust in tackling significant regulatory challenges and reaffirmed the agency’s commitment to fundamental regulatory principles amidst the leadership shift.

### Transition in CFTC Leadership

As the processes to confirm Selig’s chairmanship continue at the Senate, Caroline Pham indicated her intention to step down from her role at the CFTC upon the completion of the confirmation process. Aligning with earlier media revelations, it is anticipated that Pham will join MoonPay, an emerging player in the cryptocurrency industry, thereby bringing her regulatory experience to a leading market participant.

With the anticipated transition, the CFTC is poised to refine its role in the regulatory framework governing digital assets. Selig’s impending leadership is expected to deepen the agency’s commitment to both technological innovation and robust market oversight, aligning U.S. regulatory practices with the dynamic evolution of global digital finance ecosystems.