The Commodity Futures Trading Commission (CFTC) has entered a new era. On December 22, 2025, Michael S. Selig was sworn in as the 16th Chairman of the Commission, bringing an end to an 11-month period where the position was filled only on a temporary basis.
The arrival of a permanent Chairman is a welcome development for a Commission that has faced significant leadership turmoil over the past year. Chairman Selig brings a wealth of experience from both the private sector and regulatory spheres, most recently serving as Chief Counsel to the SEC’s Crypto Task Force.
To hit the ground running, the Chairman has already appointed Amir Zaidi as his Chief of Staff. Zaidi, a CFTC veteran and former Director of the Division of Market Oversight, brings deep institutional knowledge that will be vital as the new leadership team takes shape.
Despite the positive news of Selig’s appointment, a significant structural hurdle remains. Following the departure of Acting Chair Caroline Pham, Michael Selig currently stands as a lone Commissioner.
A full Commission typically consists of five members. Operating as a "Commission of One" potentially limits the agency's ability to move forward with larger rulemaking initiatives or significant policy shifts. Until more Commissioners are confirmed, the pace of institutional change may be hindered.
While the broader strategic roadmap is still unfolding, the initial signals are clear: digital assets and emerging technologies are back at the top of the agenda. Under the previous administration, these areas were largely suppressed, digital assets in particular. Chairman Selig’s background and initial statements suggest a pivot toward establishing the U.S. as a "Crypto Capital" through "commonsense rules of the road."
For those in the energy and commodity trading sectors, the immediate impact on important topics such as enforcement remains to be seen. While the focus on crypto is evident, the "Commission of One" status may result in a period of observation rather than aggressive new regulation in traditional markets.
Regtrail will continue to monitor these leadership changes and their impact on market oversight. For the latest updates and regulatory analysis, stay tuned to our weekly briefings.