Cardano Founder Reacts to New CFTC Chair Nomination, Bullish for Crypto?

Michael Selig has been picked as the 16th chairman of Commodity Futures Trading Commission (CFTC), a move that has sparked reactions from the crypto community.

Selig was chief counsel for the CFTC’s crypto task force and has worked with Securities and Exchange Commission Chairman Paul Atkins. Both Selig and David Sacks, the White House artificial intelligence and crypto czar, confirmed the selection in separate posts on X.

Selig, in his X post, said he will work tirelessly to facilitate well-functioning commodity markets, promote freedom, competition and innovation and also help make the U.S. the crypto capital of the world.

In a recent tweet, Cardano founder Charles Hoskinson reacted to the recent nomination of Selig, a known crypto supporter, as CFTC chair.

"Chairman Selig is going to do a great job at the CFTC. I have full confidence in his ability and leadership," Hoskinson wrote.

Bullish for crypto?

Selig's pick as CFTC chair comes as the digital assets industry, which had earlier faced regulatory pressures, takes center stage under the new administration with legislation that boosts regulatory clarity.

The GENIUS Act, passed earlier in the year, and the CLARITY Act, which aims to establish a regulatory framework for digital assets, have been received well by investors in the sector.

Under the leadership of SEC Chairman Paul Atkins, the agency has shifted away from enforcement and toward engagement and regulatory rollback. It has held a series of roundtables led by SEC Commissioner Heister Peirce and Chair Paul Atkins.

The SEC has also dismantled key rules that once kept Wall Street on the sidelines, with several high profile lawsuits, including Ripple, Binance, Coinbase, dismissed by the agency.