President Trump reportedly tapped Michael Selig to be the CFTC’s subsequent Chair. The earlier nominee, Brian Quintenz, was not too long ago dropped after strain from the Winklevoss twins.
Selig has been an SEC worker and aide to Paul Atkins, so he might steer the 2 Commissions in direction of nearer collaboration. Nevertheless, it’s onerous to make any additional predictions about his concepts on coverage.
Selig for CFTC Chair
In current months, issues have been fairly chaotic on the CFTC. One of many US’s high monetary regulators has been lowered to 1 Commissioner, with outgoing members warning of a “financial Wild West.”
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In the meantime, the Performing Chair has been unilaterally taking unprecedented actions. To assist resolve this example, President Trump has allegedly tapped Michael Selig to be the subsequent Chair of the CFTC.
Earlier than the Selig choose, Trump had chosen Brian Quintenz to be the CFTC’s subsequent Chair.
Nevertheless, the Winklevoss twins strenuously opposed this appointment, and regardless that many business leaders supported Quintenz, Trump withdrew the nomination earlier this month. Now, the method is beginning over once more.
A Darkish Horse Candidate
So, assuming that Selig really will get confirmed, what sort of coverage might he set up on the CFTC? He’s at present an SEC worker, working as its chief counsel and aide to Chair Paul Atkins.
This private relationship might assist be certain that the 2 regulators maximize their crypto collaboration sooner or later, which each businesses have been trying.
Aside from that, nevertheless, we will solely make educated guesses. Though reporters recognized just a few seemingly candidates for the subsequent CFTC Chair, Michael Selig wasn’t on anybody’s radar.
Nevertheless, contemplating that the Winklevosses favor a weakened regulator to an empowered crypto ally, his choice may align with their long-term targets.
Finally, although, it was President Trump’s choice, and it’s inconceivable to say what the deciding issue was. Both method, Selig might want to undergo a full affirmation course of earlier than becoming a member of the CFTC, and this might take months.
Hopefully, the meantime will give us loads of alternatives to study his method to crypto regulation.
