Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S. Commodity Futures Trading Commission (CFTC). Selig has also gained backing from Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, who explained why he is the best person for the job.

Mike Selig Emerges As Leading Candidate For CFTC Chair

According to a POLITICO report, the SEC crypto task force chief counsel is emerging as the leading candidate to chair the commission. The crypto regulator is reportedly gaining the upper hand over other contenders for the role.

This follows Trump’s withdrawal of former CFTC Commissioner Brian Quintenz’s nomination as the CFTC chair, following his clash with Tyler Winklevoss. CoinGape had reported that Trump was considering Jill Sommers and Kyle Hauptman for the position alongside Mike Selig.

Notably, the SEC official already has experience at the CFTC, as he worked as a law clerk to former CFTC Chair Chris Giancarlo when he was still a Commissioner. If nominated by Trump and confirmed by the Senate, Selig will take over from Acting Chair Caroline Pham, who reportedly plans to leave the commission once a new chair emerges.

Past Statements Highlight Pro-Crypto Stance

Mike Selig has notably made several statements in support of the crypto industry. In November of last year, he expressed enthusiasm about the imminent departure of former SEC Chair Gary Gensler, noting that it would clear the path for a new administration to develop a pro-crypto regulatory framework and make America the crypto capital of the world.

He also declared last year that the days of regulation by enforcement were over, following Gensler’s departure, and that crypto projects that successfully navigate the U.S. regulatory, corporate, and tax regimes will be the most successful. The crypto task force chief counsel may have also laid the groundwork for the SEC’s plans to introduce ‘Innovation Exemption’ rules for novel crypto projects.

Last year, Mike Selig urged that whoever became the SEC chair must take a “do not harm” approach to the regulation of the crypto industry and encourage technological innovation within the U.S. He proposed that the chair could do this through “exemptive relief, safe harbors, and an end to regulation by enforcement.”

The SEC official has already received Ripple CLO’s endorsement for the CFTC role. Alderoty stated that no one is better suited than Mike Sigel to harmonize the CFTC and SEC on crypto, as well as “reducing duplicative regulation and patching fragmentation.”