Michael Selig officially takes over the CFTC, with acting chair Caroline Pham moving to a senior position at MoonPay.

The U.S. crypto assets regulation is迎来重要人事变动. Supporter of crypto assets development, Michael Selig, has officially sworn in as the 16th chairman of the Commodity Futures Trading Commission (CFTC), succeeding the acting chair Caroline Pham, who held the position for nearly four years. This appointment is seen as an important signal that the regulation of U.S. digital assets is continuing to shift towards “clear rules and innovation going hand in hand.”

Selig was confirmed by the Senate on December 18 and previously served as the chief legal advisor for the cryptocurrency working group at the U.S. Securities and Exchange Commission (SEC), as well as a senior advisor to SEC Chairman Paul Atkins. His background spans both the SEC and the CFTC, and he is viewed by the market as an important bridge for promoting the synergy of cryptocurrency and derivatives regulation. In his inaugural speech, Selig stated that we are currently in a “unique moment,” with new technologies, digital asset platforms, and retail participation rapidly increasing, and Congress may also advance legislation on digital asset market structure.

During Caroline Pham's tenure, she laid an important foundation for the CFTC in the field of cryptocurrency regulation. She led the launch of the “Crypto Assets Sprint Program,” promoting spot crypto trading at futures exchanges registered with the CFTC, and initiated a pilot project allowing Bitcoin, Ethereum, and USDC as collateral. At the same time, the CFTC deployed an automated market surveillance system, advanced regulatory modernization, and released significant liquidity into the market through relief measures. Recently, she also adopted a deferred enforcement strategy for several prediction market platforms, leaving room for emerging markets to develop.

Regarding policy continuity, Selig is seen as continuing the digital asset path set by Van. He was involved in the presidential working group's report on strengthening America's leadership in digital finance and emphasized that the CFTC needs to establish a clear compliance framework for crypto assets, prediction markets, and new derivatives. He is committed to maintaining the stability and security of the U.S. commodities and derivatives markets while promoting innovation.

With Seliger taking office and Fan transitioning to an executive role at MoonPay, U.S. Crypto Assets regulation is accelerating towards a “systematic and predictable” direction. For market participants focusing on CFTC Crypto Assets regulation, Bitcoin derivatives, and the legislative direction of digital assets, this change holds significant directional implications.