Original Author: KarenZ, Foresight News
The U.S. Commodity Futures Trading Commission (CFTC) officially welcomes its new leader.
According to a statement released by the CFTC on December 22, 2025, Michael Selig Sworn was sworn in on that day, becoming the 16th chairman in the agency's history.
Appointment Background
Michael Selig Sworn was nominated by President Trump on October 27, 2025, and confirmed by the U.S. Senate on December 18. This appointment marks a realignment of the Trump administration's financial regulatory framework, particularly in establishing regulations for the emerging digital asset market.
However, the nomination process was not smooth. Trump initially nominated former CFTC commissioner and former policy head of a16z's crypto division, Brian Quintenz, but ultimately withdrew the nomination due to resistance from the cryptocurrency industry. One reason was a dispute between Tyler Winklevoss and Cameron Winklevoss from Gemini and Brian Quintenz. Additionally, a source told The Block that concerns were raised regarding a16z's lobbying activities, leading to Brian Quintenz being excluded.
Subsequently, Michael Selig Sworn emerged as the new nominee, having served as the chief legal advisor for the SEC's crypto task force. The Senate Agriculture Committee advanced his nomination along party lines, and it was ultimately confirmed by the full Senate.
Michael Selig Sworn's appointment comes after a prolonged period of interim leadership at the CFTC, with former acting chair Caroline D. Pham announcing her departure on the same day, after which she will join MoonPay as Chief Legal Officer and Chief Operating Officer.
Who is Michael Selig Sworn?
Before taking office as the new chairman of the CFTC, Michael Selig Sworn accumulated extensive experience in both the public and private sectors.
According to an official statement, he has served as the chief legal advisor for the SEC's special working group on crypto assets since March 2025 and is also a senior advisor to SEC Chairman Paul S. Atkins.
In this role, Michael Selig Sworn assisted in developing a clear regulatory framework for the digital asset securities market, coordinated the rule systems of the SEC and CFTC, promoted the modernization of institutional rules to adapt to emerging technologies, and ended the practice of regulating through enforcement. Additionally, he participated in the President’s Working Group on Digital Assets and contributed to the report titled "Strengthening America’s Leadership in Digital Financial Technology."
Notably, the report "Strengthening America’s Leadership in Digital Financial Technology" was released by the White House on January 23, 2025, as a presidential executive order. This executive action aims to promote America's leadership in the digital asset and financial technology sectors while protecting economic freedom. Key contents include supporting the responsible development and use of digital assets, blockchain technology, and related technologies across all economic sectors; prohibiting CBDCs; protecting dollar sovereignty and supporting dollar-backed stablecoins. Furthermore, this executive order established the President’s Working Group on Digital Assets, providing clear policy guidance and strong legal support for the development of the U.S. digital asset industry.
Further Reading: "Prohibiting CBDCs, Upholding Dollar Sovereignty, Trump Signs First Crypto Executive Order"
Prior to this, from September 2015 to March 2025, Michael Selig Sworn worked as an associate at three law firms and then served as legal counsel and partner at Willkie Farr & Gallagher LLP in 2022. According to CFTC official documents, Michael Selig Sworn primarily dealt with derivatives and securities regulatory matters. During his private practice, he represented numerous clients regulated by the CFTC, including commercial end-users, futures commission merchants, commodity trading advisors, swap dealers, designated contract markets, derivatives clearing organizations, and digital asset companies. Selig provided consulting on compliance with the Commodity Exchange Act and CFTC rules, covering various aspects such as registration applications and obligations, enforcement matters, and complex transactions.
It is worth mentioning that Michael Selig Sworn began his career in 2014 as a legal assistant to then-CFTC Commissioner J. Christopher Giancarlo before transitioning to a career in law firms.
Academically, Michael Selig Sworn holds a law degree from George Washington University Law School and served as an article editor for The George Washington Law Review. He also holds an undergraduate degree from Florida State University.
CFTC's New Chairman's Regulatory Vision: Centered on "Made in America" Innovation to Strengthen Crypto Leadership
In his inaugural statement, Michael Selig Sworn expressed gratitude to Trump for the nomination and outlined his understanding of the future direction of the CFTC, emphasizing the importance of balancing innovation and regulation.
He pointed out that the CFTC is at a critical juncture, with numerous new technologies, products, and platforms emerging, and retail investor participation in the commodity markets reaching historic highs. Selig specifically highlighted the importance of the digital asset market structure bill that Congress is about to submit to the President, stating that it will solidify America's position as the "crypto capital of the world." He boldly stated, "The CFTC will conquer these important areas, ensuring that future innovations are 'Made in America.'"
Regarding the role of the CFTC, Michael Selig Sworn provided a clear positioning: "In the new markets of America's financial golden age, no agency is better suited than the CFTC to establish common-sense rules."
At the same time, former acting chair Caroline D. Pham welcomed Michael Selig Sworn's appointment in her departure statement, describing him as pragmatic and results-oriented, capable of balancing innovation and market integrity. Additionally, Caroline D. Pham mentioned that in 2025, the CFTC has listed "promoting responsible innovation and fair competition" as a core mission, especially as the regulatory scope expands in emerging areas such as digital assets, cryptocurrencies, and prediction markets, laying a foundation for Michael Selig Sworn's subsequent work.
Potential Impact: Regulatory Shift, Accelerated Coordination, and Concurrent Challenges
How will Michael Selig Sworn's appointment reshape the U.S. financial regulatory landscape, particularly in the realm of digital assets? Based on his hearing statements, past experiences, and industry trends, the direction of impact is becoming increasingly clear.
Regulatory Logic Shift: From "Strict Enforcement" to "Rule-Focused," Reducing "Technical Compliance" Burdens
Michael Selig Sworn has repeatedly emphasized in hearings that the CFTC is the appropriate regulator for spot digital commodity trading and supports Congress in swiftly advancing digital asset market structure legislation. This aligns closely with the Trump administration's goal of "making America the crypto capital."
During the Senate confirmation hearing, according to WilmerHale, Selig repeatedly warned against "overregulation" and "enforcement overreach." He candidly admitted that he has witnessed regulatory agencies ignore the actual impact of their actions, becoming obsessed with enforcement instead of regulation, ultimately pushing businesses overseas and burdening entrepreneurs with red tape. To illustrate this point, he shared a personal experience: he once assisted an agricultural company in dealing with a large-scale CFTC investigation that stemmed from a "harmless error in swap data reporting," but the company was forced to divert significant time and resources from its core business to respond, severely impacting normal operations.
This direction aligns closely with the enforcement focus adjustments promoted during Pham's tenure, avoiding unnecessary regulatory burdens.
Rapid Advancement of Digital Asset Market Structure Legislation Implementation
Michael Selig Sworn has made it clear that the CFTC will swiftly advance the implementation of digital asset market structure legislation and keep pace with market developments.
Coordinating SEC and CFTC, Promoting a Unified Framework
From a broader perspective, Michael Selig Sworn's SEC background will help coordinate the differences between the two major regulatory agencies (SEC and CFTC), reduce overlapping regulation, and promote a unified framework. This could accelerate the normalization of the spot crypto market.
According to the previous 166-page report from the "President’s Working Group on Digital Assets," titled "Strengthening America’s Leadership in Digital Financial Technology," the SEC and CFTC should work in concert to ensure an efficient rule-making process and solicit public input on rule-making proposals. The report also indicated that the CFTC should clearly obtain regulatory authority over the non-securities digital asset spot market. SEC and CFTC registrants could conduct diverse businesses under an efficient licensing framework to avoid regulatory arbitrage. SEC registrants should be able to provide digital asset securities trading and engage in non-securities digital asset trading under the licensing structure defined by Congress. CFTC registrants should be able to offer digital commodity derivatives trading, retail digital commodity trading, and other CFTC-jurisdiction products, as well as non-securities digital assets designated by Congress.
Further Reading: "White House Report Contains 100+ Legislative Recommendations, Also a Crypto Barometer"
What Challenges Does He Face?
Michael Selig Sworn also faces tangible challenges, such as resource and personnel shortages, and an imbalance in the committee's composition.
Several senators have expressed concerns about the CFTC's resources and staffing. According to WilmerHale, since the beginning of Trump's second term, the CFTC's workforce has decreased by about 20%, with approximately 600 employees currently. If Congress grants the CFTC more regulatory authority over cryptocurrencies, additional funding and personnel support will be needed. Unfortunately, Selig was vague in his hearing regarding specific resource needs.
Another issue of concern is the composition of the CFTC's commission members. According to information on the official website, the CFTC commission consists of five commissioners appointed by the president with the advice and consent of the Senate, serving five-year terms that are staggered. However, following the departure of the acting chair, the newly appointed Michael Selig Sworn finds himself in a unique situation of "sole authority." Currently, Michael Selig Sworn is the only commissioner at the CFTC, and this "single commissioner" structure disrupts the usual checks and balances, significantly enhancing the Trump administration's policy dominance over the CFTC. This "single commissioner dominance" has also sparked discussions about regulatory neutrality.
When asked whether the vacant positions set a bad precedent, Michael Selig Sworn declined to comment, stating that nomination decisions should be made by the president. This evasive response somewhat reflects the sensitivity of this unusual situation. When asked whether the vacant positions set a bad precedent, Selig declined to comment, stating that nomination decisions should be made by the president. This evasive response somewhat reflects the sensitivity of this unusual situation.
A key question is whether Michael Selig Sworn will continue the reform momentum initiated by Caroline D. Pham. From the statements made during the transition of power between the two, this seems highly likely. Caroline D. Pham's assessment of Michael Selig Sworn indicates that the two leaders share considerable consistency in regulatory logic, both emphasizing the balance between innovation and market integrity.
Additionally, Michael Selig Sworn's focus on digital assets and emerging market structures, along with his role in developing a coordination framework between the SEC and CFTC, suggests that he may advance further coordination between these two key financial regulatory agencies.
How Michael Selig Sworn will balance the encouragement of innovation with risk control, and how he will advance broader regulatory responsibilities with limited resources, will be significant points of interest in the U.S. financial markets in 2026.
References:
https://www.cftc.gov/PressRoom/PressReleases/9164-25
https://www.wilmerhale.com/en/insights/client-alerts/20251218-michael-selig-confirmed-as-cftc-chairman---six-issues-to-watch-in-2026
https://www.linkedin.com/in/michaelselig/
https://www.cftc.gov/About/Commissioners/FormerCommissioners/index.htm?page=0
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