CFTC Leadership Change: From Pham to Selig, a New Chapter in Encryption Regulation

[Bit推] The Commodity Futures Trading Commission has undergone a leadership change. According to the official statement, Acting Chair Caroline Pham has officially stepped down, and the new Chair Michael Selig has taken over.

Pham has been a member of the CFTC since April 2022 and was promoted to acting chair in January 2025. Under her leadership, the CFTC has made significant progress in several key areas. First is regulatory modernization—the agency has advanced rule updates to adapt to market evolution; second is cryptocurrency innovation—launching the “Crypto Sprint” (Crypto Sprint) initiative and issuing a framework for guidance on tokenized collateral, creating a clearer regulatory environment for the trading of these emerging assets; third is cost optimization—reducing the compliance burden on market participants through a series of measures.

Pham expressed confidence in Selig before stepping down, believing that his pragmatic leadership style could find a balance between promoting innovation and maintaining market integrity. This balance is key to the current development of the cryptocurrency market—allowing space for innovation while also mitigating risks. Whether Selig can continue and deepen this direction remains to be seen.