Selig | Crypto

Michael Selig named two people as senior advisers, one of whom helped with a law firm‘s letter that led to an SEC no-action letter on crypto custodians. Michael Selig, chair of the US Commodity Futures Trading Commission (CFTC), announced the appointment of a senior adviser with experience in litigating crypto and blockchain cases.  In a Tuesday notice, Selig said Michael Passalacqua, a former associate at international law firm Simpson Thacher & Bartlett, would join the CFTC as a senior adviser. Selig cited Passalacqua’s experience with “financial regulatory matters involving crypto assets and blockchain technologies.”  “Earlier in his career, [Passalacqua] served as assistant general counsel at a crypto asset capital markets firm where he advised on a range of crypto asset regulatory and transactional matters,” said Selig. Read more

CFTC acting chair Caroline Pham says Monday was her last day at the regulator, with Michael Selig being officially sworn in to chair the agency. The US commodities watchdog has a new leader. Michael Selig was sworn in as chair of the Commodity Futures Trading Commission on Monday as acting chair Caroline Pham departed the agency after nearly a year at the helm. Pham, who had been serving as the CFTC’s acting chair since January and its sole commissioner since August, said on Monday that it would be her last day at the agency. Meanwhile, the CFTC confirmed that Selig was sworn in as the agency’s 16th chairman on Monday after being nominated for the role by President Donald Trump on Oct. 27 and confirmed by the Senate on Thursday. Read more

Mike Selig pledged to make crypto a priority when he was picked to lead the CFTC in October, while Travis Hill has spoken out against crypto debanking. The US Senate has confirmed crypto-friendly lawyer Mike Selig as the new chair of the Commodity Futures Trading Commission and has elevated Travis Hill to chair the Federal Deposit Insurance Corp. The two confirmations were included in a package of nearly 100 other nominees that the Trump administration had selected for various roles across the government, which passed the Senate in a 53-43 vote on Thursday. Selig, who has previous experience at the CFTC and the Securities and Exchange Commission, pledged to make crypto a priority when he was nominated in October after he was picked to take over from the previous nominee, Brian Quintenz. Read more