CFTC chair appoints two senior advisers with crypto experience

CFTC Chair Michael Selig named two senior advisers in a Tuesday notice, including Michael Passalacqua, a former associate at law firm Simpson Thacher & Bartlett. Selig said Passalacqua has experience litigating crypto and blockchain cases and cited his work on "financial regulatory matters involving crypto assets and blockchain technologies." Selig added that earlier in his career Passalacqua served as assistant general counsel at a crypto asset capital markets firm.

According to Simpson Thacher & Bartlett, Passalacqua helped author a letter that led the SEC to issue a no-action letter clearing state-chartered trust companies to act as crypto custodians; the SEC’s Division of Investment Management said in September it would not recommend enforcement actions against advisers using a state trust company as a crypto custodian.

Selig named Passalacqua and former Treasury Department official Cal Mitchell as senior advisers as the commission prepares for an expanded role in crypto regulation. He said the CFTC is working to "future-proof" its regulatory approach, citing pending US Senate legislation that would give the commission a "broad set of new responsibilities" over digital asset markets.

Selig, who was nominated by President Trump following the resignation of former acting Chair Caroline Pham, is the agency’s only serving commissioner after an exodus of leadership in 2025. As of Tuesday, Trump had not announced any nominations to fill the CFTC.

Key Topics

Crypto, Cftc, Michael Selig, Michael Passalacqua, Cal Mitchell, Sec