The president of the United States, Donald Trump, chose the official of the Securities and Exchange Commission (SEC), Michael Selig, as his newest candidate to head the Commodities Futures Trading Commission (CFTC), according to a report published in Bloomberg on the sixth day. (24).
Selig currently serves as the SEC’s legal counsel, chief executive, and has been one of the central figures behind the agency’s aggressively pro-crypto leadership during Trump’s second term.
His appointment to lead the CFTC is a clearer signal since the regulatory body must work in concert with the SEC to jointly build a cryptocurrency-friendly regulatory structure.
The move also represents a major political victory for Tyler and Cameron Winklevoss, the billionaire Trump-aligned crypto twins, who will manage to convince the president to abandon his previous name for the position: Brian Quintenz, global head of crypto policy at Andreessen. Horowitz.
Custodia Bank and Vantage Bank Texas will also announce the launch of a tokenized deposit operating platform, expanding a previous pilot project for a national network of US banks.
For months, the Winklevoss brothers have been determined to block Quintenz’s appointment, in part because they consider that he has not shown sufficient indignation with the CFTC’s movement process, in 2022, against the Gemini exchange. The conflict, which ended up becoming public, led Casa Branca to officially withdraw at the direction of Quintenz.
The group also opposed the name because of the suggestion by Quintenz – a former CFTC commissioner – to increase the agency’s organization to deal with new regular responsibilities mainly in the cryptocurrency market. Secondly, this increase would be called “regulatory capture”.
As head of the CFTC, he will also be responsible for conducting organizational policy on current markets, an emerging sector that has gained enormous popularity recently and is raising complex legal issues.
Selig’s nomination comes at one of the most crucial moments in the CFTC’s 50-year history, as policies outlined in the coming years are shaped as records for two large emerging sectors that are transforming the lucrative worlds of finance and gambling.
Currently, an agency is facing separation of people. Normally made up of five commissioners from different parties, a CFTC group is currently led by just one Republican commissioner, Caroline Pham, interim president.
* Translated and edited with permission from Decrypt.
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