The US Commodity Futures Trading Commission has formally changed leadership with Michael Selig sworn in as chairman and Caroline Pham departing the agency.
Pham confirmed on Monday that it was her final day at the regulator after serving as acting chair since January.
She had also been the CFTC’s sole commissioner since August, overseeing the agency during a period of regulatory transition.
The CFTC confirmed that Selig was officially sworn in as its 16th chairman on Monday.
Selig was nominated for the role by President Donald Trump on October 27.
The US Senate confirmed Selig’s appointment last week.
Pham’s departure leaves Selig as the only sitting commissioner at the agency.
Selig is widely regarded as supportive of digital asset innovation and blockchain development.
He previously served as chief counsel for the Securities and Exchange Commission’s Crypto Task Force.
Selig will serve a term as CFTC chairman that runs until April 2029.
He has pledged to avoid what he described as “regulation by enforcement” when overseeing emerging technologies.
I’m grateful for the confidence President Trump has placed in me and for the opportunity to lead the CFTC at this pivotal time.
Michael Selig said
He said the agency faces a moment of rapid technological change and expanding retail participation in commodity markets.
We are at a unique moment as a wide range of novel technologies, products, and platforms are emerging.
He added.
Selig also pointed to pending digital asset market structure legislation moving through Congress.
He said such legislation could help cement the United States as a global hub for crypto markets.
White House crypto and AI czar David Sacks welcomed Selig’s appointment earlier this week.
Sacks described Selig and SEC chair Paul Atkins as a “dream team to define clear regulatory guidelines.”
Pham had long stated she intended to step down once a permanent chair was confirmed.
MoonPay confirmed that Pham will join the crypto payments company following her exit from the CFTC.
During her tenure, Pham pushed the agency to engage more actively with crypto regulation.
She emphasised the importance of balancing innovation with market integrity.
In her departure statement, Pham said the CFTC had refocused on responsible innovation and fair competition.
I am thrilled to welcome Michael Selig as the 16th Chairman of the CFTC.
Caroline Pham said.
His pragmatic, common-sense approach will ensure the CFTC strikes the right balance of innovation and market integrity.
Caroline Pham added.