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.