Today in crypto, Michael Selig confirmed his nomination to chair the US Commodity Futures Trading Commission. Meanwhile, cryptocurrency investment funds regained momentum last week amid improving investor confidence, and Australia’s crypto industry warned that the country’s draft digital asset laws still need significant work.
Michael Selig confirms CFTC nomination as agency faces leadership void
US Securities and Exchange Commission (SEC) official Michael Selig announced that President Donald Trump had nominated him to chair the Commodity Futures Trading Commission (CFTC), citing a focus on crypto policies. The move still requires Senate approval and comes as the agency operates with several open seats.
In Saturday X posts, Selig and White House crypto and AI czar David Sacks confirmed reports that Trump would nominate him to chair the CFTC, setting the groundwork for the departure of acting Chair Caroline Pham.
Selig, whose nomination did not appear in congressional records nor among official White House announcements at the time of publication, reiterated Trump’s goal of making the US a “crypto capital.”
The nomination came amid a US government shutdown entering its fifth week after Republican and Democratic lawmakers in Congress were unable to reach an agreement on a funding bill over concerns with healthcare cuts and subsidies.
Though the Senate is still able to pass legislation during a shutdown — including potentially a digital asset market structure bill – lawmakers’ priority will likely be a continuing resolution to fund the government.
Since the departure of CFTC Commissioner Kristin Johnson in September, the agency’s five-member leadership panel has been filled solely by Pham, who also said she intends to depart the regulator after her replacement is confirmed in the Senate. As of Monday, the Senate had not set a confirmation hearing for Selig.
From outflows to inflows: Bitcoin ETPs rally amid surprising economic update
Cryptocurrency investment products regained momentum last week as investor confidence improved following lower-than-expected US inflation data.
Crypto exchange-traded products (ETPs) saw $921 million of inflows last week, more than offsetting the $513 million in outflows from the week before, CoinShares reported Monday.
The main driver behind the bullish trend in the crypto fund market was renewed confidence in further US rate cuts, bolstered by lower-than-expected CPI data released on Friday, according to CoinShares’ head of research, James Butterfill.
The Consumer Price Index surged by 0.3% in September, putting the annual inflation rate at 3%, both lower than expected.
“The ongoing US government shutdown, and the resulting absence of key macroeconomic data, has left investors with little guidance on the direction of US monetary policy,” Butterfill wrote, adding that CPI data helped restore anticipation of the further rate cuts.
Bitcoin (BTC), which had been the main driver of outflows a week earlier, almost fully recovered those losses with $931 million in inflows last week.
Ether (ETH) saw outflows for the first time in five weeks, totaling $169m, with consistent daily outflows throughout the week. “Despite this, 2x leveraged ETPs remain popular,” CoinShares’ Butterfill noted.
Australia’s crypto industry says more work needed on draft laws
Australia’s crypto industry has largely backed the government’s draft crypto legislation released last month to extend finance sector laws to the sector, but has told a Treasury consultation that closed on Friday that the Albanese Government must further clarify the laws.
“The draft legislation, as it stands, leaves some critical questions unanswered,” said Caroline Bowler, the former CEO of crypto exchange BTC Markets. “We support the government’s intent to bring structure to the digital asset sector. But structure must come with clarity.”
Crypto exchange Swyftx said in a consultation submission seen by Cointelegraph that laws would currently allow “a high degree of discretion” by the Treasury and regulators “to impose fundamental changes.”
It added that the draft laws don’t give enough clarity on how local platforms can legally source liquidity from offshore exchanges and was concerned that licensed financial advisers won’t be able to advise on cryptocurrencies.
Bowler added that the laws introduce multiple licenses “without clearly articulating the consumer benefit or the specific risks it seeks to address.”
Crypto.com general manager for Australia, Vakul Talwar, said the government should work to amend and introduce a bill “as quickly as possible,” which he predicted could happen as early as March.
