President Donald Trump selected a new nominee to lead the Commodity Futures Trading Commission (CFTC) less than one month after parting ways with Brian Quintenz.
Michael Selig is Trump’s nominee to serve as CFTC Chair after Quintenz’s nomination process stalled in recent months after an initial Senate committee hearing in June.
Trump nominated Selig as CFTC Chair behind his experience in finance and crypto, most notably as the current Chief Counsel for the SEC’s Crypto Task Force. Selig is also the Senior Advisor to Paul Atkins, who was sworn in as the SEC’s 34th Chairman in April 2025.
White House A.I. & Crypto Czar David Sacks also noted in a post on X, Selig’s experience working at the CFTC for the office of former commissioner J. Christopher Giancarlo.
“I pledge to work tirelessly to facilitate well-functioning commodity markets, promote freedom, competition and innovation, and help the President make the United States the Crypto Capital of the World,” said Selig in response to Sacks’ post.
CFTC Chair to oversee event contract regulation
A new CFTC Chair can impact the prediction market sector, which is facing regulatory scrutiny nationwide. Regulators, including the New York State Gaming Commission and Nevada Gaming Control Board, have sent cease and desist orders to prediction markets for offering alleged illegal sports betting and sports-related contracts without licensing.
Kalshi is responding to the cease and desist orders by suing several state regulators.
If confirmed, Selig would replace Acting CFTC Chair Caroline Pham, who is leading the agency amid recent commissioner exits. Pham, who plans to leave the CFTC following a confirmation, recently received a letter from several senators questioning why the CFTC allows prediction markets to offer sports event contracts that resemble sports betting.
Quintenz’s chances to lead the CFTC dissolve
A White House official confirmed Quintenz remains a “trusted ally” to the Trump administration despite no longer being considered for the leadership role.
Quintenz never had the opportunity to have his nomination receive a formal vote by the Senate Agriculture, Nutrition, and Forestry Committee that would have allowed for consideration by the full Senate floor. Quintenz’s nomination was delayed amid reconsideration requests by key stakeholders in crypto and finance, including billionaires Tyler and Cameron Winklevoss. The twins considered Quintenz to have a conservative stance on crypto. Quintenz was being considered as CFTC Chair while on the board of Kalshi. The former CFTC Chair nominee also had a stint as an advisor to Crypto.com.
His roles at Kalshi and Crypto.com led to scrutiny from senators during his hearing. Quintenz’s nomination was also questioned by the American Gaming Association.
Quintenz also drew attention after making several requests to the CFTC.
Quintenz’s team requested to discuss confidential matters related to several topics, including employees on administrative leave, open applications, and the voting process among CFTC commissioners.
