US President Trump is set to nominate Michael Selig as the new chair of the CFTC, replacing Brian Quintenz. Selig, currently the SEC’s crypto task force chief counsel, is considered “pro-crypto” by some analysts. Quintenz’s nomination stalled in September, with Trump eventually withdrawing it. The CFTC will share crypto oversight with the SEC.

The CFTC and SEC are working together on crypto policy. The Working Group recommends CFTC oversight of spot crypto markets, with most cryptocurrencies classified as commodities. Securities like tokenized assets remain under SEC jurisdiction. The agencies aim to harmonize regulations for clarity in the US crypto industry.

CFTC officials launched a “crypto sprint” to implement White House policy recommendations. Rumors of a potential merger between the CFTC and SEC were denied by SEC Chair Atkins. Only the US president or Congress has the authority to merge the agencies. Collaboration between the agencies aims to streamline regulations and enforcement in the crypto sector.

Read more at Cointelegraph: Trump To Nominate SEC Crypto Official As CFTC Chairman: Report