Michael Selig has officially sworn in as the Chairman of the U.S. CFTC.

According to Deep Tide TechFlow news on December 23, as reported by Cryptobriefing, Bitcoin advocate Michael Selig has officially sworn in as the chairman of the Commodity Futures Trading Commission (CFTC), having previously been confirmed by the U.S. Senate.

Selig stated in a statement that the CFTC is entering a significant transformation period, driven by increased retail participation and the emergence of new products and platforms. He noted that the agency will play a greater role in establishing practical regulatory standards for the digital asset market while maintaining the stability and security of the U.S. derivatives market. Selig emphasized: “We are at a unique moment where various new technologies, products, and platforms are emerging, retail participation in the commodity markets has reached an all-time high, and Congress is about to submit digital asset market structure legislation to the President, solidifying the U.S. as the 'crypto capital.'”

Before joining the CFTC, Selig served as a senior advisor to Paul Atkins, the chief legal advisor of the U.S. Securities and Exchange Commission (SEC) cryptocurrency working group.