Signage is seen outside of the US Commodity Futures Trading Commission (CFTC) in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly

(Reuters) -U.S. President Donald Trump has picked Michael Selig as the Commodity Futures Trading Commission's chair, an administration official and Selig himself said on Saturday.

Selig is chief counsel for the CFTC's crypto task force and has worked with Securities and Exchange Commission Chairman Paul Atkins.

Both Selig and David Sacks, the White House artificial intelligence and crypto czar, confirmed the selection in separate posts on X.

Sacks praised Selig as "deeply knowledgeable about financial markets and passionate about modernizing our regulatory approach in order to maintain America’s competitiveness in the digital asset era."

Selig, in his X post, said he would "work tirelessly to facilitate Well-Functioning Commodity Markets, promote Freedom, Competition and Innovation, and help the President make the United States the Crypto Capital of the World."

The CFTC did not respond immediately to a request for comment. The choice of Selig for CFTC chair was first reported by Bloomberg News.

The pick comes as the digital assets industry, which had been facing regulatory pressures, takes center stage under the Trump administration with new legislation.

The GENIUS Act, passed earlier in the year, and the CLARITY Act - which aims to establish a regulatory framework for digital assets - have been received well by investors in the sector.

Trump has been vocal about his support for cryptocurrency, and had promised in his campaigns to make America the crypto capital of the world if he was elected.

Cryptocurrency has become a recurring theme in the Trump family's business empire, including Truth Social owner Trump Media & Technology Group; DT Marks DEFI LLC, an entity tied to the Trump family that holds nearly 38% of equity in the company that controls crypto venture World Liberty Financial; and meme coins launched by both the president and first lady Melania Trump.

Trump had originally named Brian Quintenz to be the CFTC chair, but his nomination was stalled following opposition by Tyler Winklevoss, co-founder of recently listed cryptocurrency exchange Gemini.

Quintenz, a Republican who previously was a commissioner at the agency, had accused Winklevoss of lobbying the White House to stall his nomination.

The CFTC is typically led by a bipartisan group of five commissioners. The president has historically nominated commissioners from both parties to serve.

Selig has been with the CFTC since March 2025. He was previously a partner at international law firm Willkie Farr & Gallagher.

(Reporting by Pritam Biswas in Bengaluru and Jasper Ward in Washington; Editing by Leslie Adler)