Trump confirms financial regulator CFTC's new chairman vows to "help the president build America into the capital of cryptocurrency"

The US President Trump has selected a senior figure in the cryptocurrency field to lead a key financial derivative regulatory agency, as the latest step in his plan to make the US a global center for digital assets. According to media reports this Saturday, the White House and the nominee himself confirmed that Trump has nominated Michael Selig to serve as the chairman of the US Commodity Futures Trading Commission (CFTC). Selig is currently the chief legal counsel of the CFTC's cryptocurrency working group, and this appointment is seen as a major victory for the digital asset industry. Selig made it clear on social platform X that he will be dedicated to "helping the President make the US the capital of the world's cryptocurrencies." White House AI and cryptocurrency supervisor David Sacks also welcomed the appointment, praising Selig for his profound understanding of financial markets and his "enthusiasm for promoting modernization of regulatory methods to maintain America's competitiveness in the digital asset era." At a time when the Trump administration is actively reshaping regulation of the digital asset industry through new legislation, this appointment is expected to accelerate the process, providing clearer guidelines for cryptocurrency companies and investors seeking compliance. The Cryptocurrency Vision of the New Chairman As the incoming head of the CFTC, Michael Selig's statements directly align with the policy goals of the Trump administration. In a post on social platform X, he promised to "work tirelessly to promote well-functioning commodity markets and drive freedom, competition, and innovation." Selig's professional background strengthens the market's positive expectations. He has been with the CFTC since March 2025, previously worked with SEC Chairman Paul Atkins, and was a partner at the international law firm Willkie Farr & Gallagher. Bloomberg reports that Selig's nomination received strong support from cryptocurrency advocates within the White House. The Trump administration has made supporting the development of cryptocurrencies a part of its agenda, fulfilling promises made during its campaign. The GENIUS Act passed earlier this year, along with the CLARITY Act aimed at establishing regulatory frameworks for digital assets, have received widespread praise from industry investors. These legislative measures, combined with the stance of the new CFTC chairman, indicate a shift in regulatory direction from suppression to guidance and regulation, favoring the development of the entire digital asset industry. The Trump Family's Association with Cryptocurrency Assets It is worth noting that this appointment did not go smoothly. Trump initially nominated Republican Brian Quintenz to serve as CFTC chairman, but the nomination stalled due to opposition from Tyler Winklevoss, co-founder of the cryptocurrency exchange Gemini. Quintenz, who had served as a CFTC commissioner, accused Winklevoss of lobbying the White House to block his nomination. This incident highlights the growing influence of cryptocurrency industry leaders in Washington, and set the stage for Selig, a more industry-friendly choice, to eventually succeed. Traditionally, the CFTC is usually led by a bipartisan group of five commissioners, with the president nominating members from both parties. Trump himself and his family have shown a strong interest in the cryptocurrency field. Cryptocurrency has become a recurring theme in the Trump family's business landscape. This article is from "Wall Street News", written by Xu Chao; GMTEight editor: Liu Jiayin.