Trump Nominates Michael Selig for CFTC Chair: Impacting Cryptocurrency Regulation

President Trump has nominated Michael Selig for the chair of the Commodity Futures Trading Commission (CFTC), signaling a potential shift in U.S. crypto regulation. This follows the withdrawal of Brian Quintenz’s nomination, which faced pressure from Gemini co-founders. The announcement comes amidst a government shutdown affecting regulatory operations. Selig’s appointment will impact market dynamics for Bitcoin, Ethereum, and governance tokens, while also potentially reshaping the landscape for decentralized financial systems (DeFi). The market anticipates changes in oversight due to Selig’s leadership.