CFTC Chair Appointment Sparks Controversy with Unilateral Moves
The CFTC has been in a state of near chaos in recent months. With departing members warning of a “financial Wild West,” one of the United States’ leading financial regulators has been reduced to one commissioner. Unprecedented unilateral actions have been taken by the acting chair. According to reports, President Trump appointed Michael Selig as the CFTC’s next chair in an attempt to help settle this dispute.
Trump had selected Brian Quintenz to be the next chair of the CFTC before the Selig selection. Though many business executives backed Quintenz, Trump withdrew the nomination earlier this month due to the Winklevoss twins‘ adamant opposition to the appointment. The procedure is now beginning anew.
CFTC-SEC Ties Could Tighten with Selig’s Possible Appointment
It’s still unknown what kind of policy Selig would follow at the CFTC, assuming he is confirmed. He presently works for the SEC as Chair Paul Atkins’ aide and chief lawyer. The two regulators may be able to collaborate closely in the future due to this personal connection. In the crypto arena, both agencies have been making a concerted effort to maximize their cooperation.
Is Selig the Winklevosses’ Preferred Weak Regulator?
However, beyond that, only guesses can be made about the situation. Reporters found several strong contenders to be the next chair of the CFTC, but nobody was considering Michael Selig. But it appears that the Winklevosses would rather have a weak regulator than a powerful crypto ally. His choice could be in line with their long-term objectives in this situation. But in the end, President Trump made the choice, and it’s hard to pinpoint what made the difference. In any case, it might take months for Selig to complete the CFTC’s extensive approval process.
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