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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.<\/p>\n
Pham, who had been serving as the CFTC\u2019s acting chair since January and its sole commissioner since August, said<\/a> on Monday that it would be her last day at the agency.<\/p>\n Meanwhile, the CFTC confirmed<\/a> that Selig was sworn in as the agency\u2019s 16th chairman on Monday after being nominated for the role by President Donald Trump on Oct. 27 and confirmed by the Senate<\/a> on Thursday.<\/p>\n Pham\u2019s departure leaves Selig as the CFTC\u2019s sole commissioner. He is widely seen as pro-crypto and previously served as the chief counsel of the Securities and Exchange Commission\u2019s Crypto Task Force.<\/p>\n Selig will now serve a term that will expire in April 2029, and has previously vowed<\/a> to support growth in innovative technologies such as crypto and blockchain by avoiding a so-called \u201cregulation by enforcement\u201d approach.\u00a0<\/p>\n \u201cI\u2019m grateful for the confidence President Trump has placed in me and for the opportunity to lead the CFTC at this pivotal time,\u201d Selig said.<\/p>\n \u201cWe are at a unique moment as a wide range of novel technologies, products, and platforms are emerging, retail participation in the commodity markets is at an all-time high, and Congress is poised to send digital asset market structure legislation to the President\u2019s desk, cementing the US as the Crypto Capital of the World.\u201d<\/p><\/blockquote>\n On Monday, White House crypto czar David Sacks said Selig<\/a> and SEC chair Paul Atkins were a \u201cdream team to define clear regulatory guidelines.\u201d<\/p>\n Pham has long said she would leave the CFTC once Congress confirmed someone to lead the agency, and on Wednesday, MoonPay confirmed earlier reports that Pham was headed to the crypto fintech company.<\/p>\n Pham\u2019s time as acting chair saw her take a proactive approach<\/a> to supporting crypto regulation<\/a>.<\/p>\nSelig to continue positive momentum in crypto oversight\u00a0<\/h2>\n
Pham shifts to crypto after steering CFTC\u00a0<\/h2>\n