Trump Officially Nominates Mike Selig As CFTC Chair

On Capitol Hill, Treasury Secretary Bessent’s testimony descends into insults and shouting matches

February 5, 2026

Treasury Secretary Scott Bessent sparred with Democratic members of the House Financial Services Committee on Wednesday, with one calling him a “flunky” for failing to criticize investment from United Arab Emirates officials in the Trump family’s cryptocurrency venture. Rep. Gregory Meeks, D-N.Y., probed Bessent on alleged conflicts of interest and lack of transparency related to World Liberty Financial, which was co-founded by Trump’s family members. Read more: cnb.cx/3NWhZsS

February 4, 2026

US President Donald Trump has formally nominated SEC Crypto Activity Power head Mike Selig as the subsequent head of the CFTC.
Selig echoed the president’s marketing campaign promise of constructing the US the “crypto capital of the world.”

US President Donald Trump continues to cowl all bases to make sure that the nation will develop into a crypto capital. After revealing Michael “Mike” Selig, the pinnacle of the Crypto Activity Power on the US Securities and Change Fee (SEC), as his decide for the subsequent Commodity Futures Buying and selling Fee (CFTC), the president went on to formally nominate him.

Mike Selig Confirms Nomination as CFTC Chair

Selig confirmed the nomination throughout the weekend. The Crypto Activity Power head said that he was honored to be nominated by Trump because the sixteenth chairman of the CFTC.

Moreover, the official highlighted {that a} “nice golden age for America’s monetary markets and a wealth of recent alternatives stand earlier than us.” Therefore, he vowed to make sure freedom, competitors, and innovation within the fee. He claimed that each one these align with the president’s purpose of constructing the US the “crypto capital of the world.”

This narrative notably stemmed from one in every of Trump’s campaign promises last year, and has since develop into the battle cry of the Trump family-founded World Liberty Monetary (WLFI).

David Sacks Vouches for Selig

David Sacks, the White Home’s AI (synthetic intelligence) and crypto czar, vouched for Selig’s nomination. He remarked that Trump made an “glorious selection” because the official is “deeply educated” about monetary markets and is enthusiastic about his imaginative and prescient of modernizing the nation’s regulatory strategy to keep up its competitiveness within the digital asset period.

Sacks identified that Selig brings to the desk his expertise in driving ahead the president’s crypto agenda throughout his tenure on the Crypto Activity Power. Furthermore, he has already served within the CFTC underneath former chair Chris Giancarlo.

Sacks, on behalf of the President’s Working Group on Digital Property, expressed his dedication to working with Selig to understand Trump’s imaginative and prescient of constructing the nation a “crypto capital.”

The crypto neighborhood is mostly elated for Trump’s selection, contemplating Selig’s forward-thinking strategy as lead within the SEC’s Crypto Task Force. His emphasis on making the US the “crypto capital of the world” considerably resonated with the neighborhood.

The general public expects his clear guidelines and pro-innovation time period to be a “regulatory moonshot” that can open institutional floodgates to crypto. Others reminded him that the digital asset house not solely wants frameworks that stick, but in addition scale because the trade undergoes unprecedented progress.

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