Selig Confirmed as CFTC Chair, Will Let Courts Decide Prediction Markets’ Fate

Michael Selig, the SEC Crypto Task Force Chief Counsel and Senior Advisor to the Chairman, has been confirmed by the US Senate to become the acting chairman of the Commodity Futures Trading Commission.

Nominated & Confirmed

Michael Selig has successfully navigated the treacherous waters of partisan politics and found himself on the majority’s side, winning confirmation by the Senate by a 53-43 vote. Selig served as the chief counsel for the SEC’s Crypto Task Force and became President Trump’s hand-picked nominee for the CFTC.

Selig will replace Acting Chair Caroline Pham, who has been in charge of the CFTC since January 2025, after an exodus by several commissioners left the agency. The agency will continue to be devoid of a board, as the vacancies have not been filled.

However, Selig was not President Trump’s first choice. That distinction belonged to Brian Quintenz, but because of his role as an advisor to Crypto.com and as a board member to Kalshi, his nomination wilted under much scrutiny, and his candidacy was pulled before it advanced to confirmation proceedings.

Selig proved to be a more moderate choice despite his ties to the crypto market and his political alliance with Conservatives. Nevertheless, his experience in the digital currency market gave him the credibility required to withstand withering examination by adversarial Democrats.

Selig Defers to Courts

The legal battle between state gaming officials and future prediction market platforms continues to rage. Many of the state gaming authorities have sent cease-and-desist letters to industry leaders like Kalshi.

However, those challenges have been successfully mitigated in federal court, allowing the prediction markets to offer sports event trading contracts without a gaming license or being obligated to pay state taxes, as they come under the CFTC’s governance.

Yet, the legal battle is far from over.

The Commodity Futures Trading Commission has taken a hands-off approach, preferring to stay out of the legal fray. That won’t change under Selig’s authority, and he stated as much when questioned by inquiring senators.

“As someone who spent many years practicing law at law firms as well as studying the law in law school, these are complex issues as to the interpretation of what it means to constitute gaming,” Selig said under questioning. “And, of course, I have the utmost respect for our judges working on these issues in our court system, and I intend to always adhere to the law and follow what judicial decisions tell me to follow.”

After another probing question by Senator Adam Schiff of California, seeking further clarification, Selig replied in much the same way, suggesting the question of prediction markets offering sports event trading contracts could land in the hands of the Supreme Court.

“Many lengthy legal opinions have been written on one word in a statute, and I would really want the benefit of understanding what the judges think about the issue. This could be one that works its way all the way up to the top, and so I’ll look to the courts to the issue.”