Michael Selig sworn in as commodities regulator chair; Caroline Pham steps down

The CFTC confirmed Selig became its 16th chairman after President Donald Trump nominated him on 27 October 2025 and the Senate confirmed him on 18 December 2025. His term is set to run through April 2029.

Pham had served as acting chair since January 2025 and, after a series of departures, was the agency’s sole commissioner from August 2025 until Selig’s swearing-in. Her exit leaves Selig as the only commissioner while additional nominees await confirmation.

Selig has been viewed as supportive of clearer crypto rules and has previously worked on digital-asset policy, including serving as chief counsel on the Securities and Exchange Commission Crypto Task Force. In remarks released after his swearing-in, he said he intended to support innovation in areas including crypto and blockchain while avoiding what he described as “regulation by enforcement.”

In a separate statement, Pham said the CFTC had “refocused on our mandate to promote responsible innovation and fair competition” as the agency prepares for potentially expanded oversight of markets including digital assets and prediction markets. On 22 December 2025, White House crypto and artificial intelligence adviser David Sacks also commented on X that Selig and SEC chair Paul Atkins would form a “dream team” to set clearer regulatory guidelines.

MoonPay confirmed on 17 December 2025 that Pham is joining the crypto fintech firm, following earlier reports about her next role.

GNcrypto reported earlier that the CFTC, under then acting chair Caroline Pham, on 9 December 2025 launched a pilot allowing Bitcoin, Ether and the USDC stablecoin to be posted as customer collateral in U.S. derivatives markets, with participating futures commission merchants required to submit weekly totals of digital assets held in customer accounts and to notify the agency of material operational disruptions; the commission also withdrew a staff advisory that had constrained acceptance of virtual currencies as collateral, noting it no longer applied after the GENIUS Act set stablecoin rules.