US CFTC chair appoints crypto lawyer as senior adviser

US Commodity Futures Trading Commission chair Michael Selig has appointed a crypto lawyer as a senior adviser as the agency prepares for an expanded regulatory role.

Selig said Michael Passalacqua, formerly of law firm Simpson Thacher & Bartlett, will join the CFTC with a focus on 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,”

Michael Selig said.

Passalacqua previously helped author a legal letter that led the US Securities and Exchange Commission to issue a no-action letter on crypto custodians.

The SEC said in September it would not recommend enforcement action against advisers using state-chartered trust companies as crypto custodians.

Selig also appointed former Treasury Department official Cal Mitchell as a senior adviser.

The appointments come as the CFTC works to future-proof its regulatory framework amid proposed US Senate legislation on digital asset markets.

Selig said the legislation could grant the CFTC a broad set of new responsibilities over crypto regulation.

The chair currently remains the CFTC’s sole commissioner following leadership departures in 2025.