Michael Selig appointed two people as senior advisors, one of whom helped write the law firm’s letter that led to the SEC’s no-action letter regarding cryptocurrency custodians.
Michael Selig, chair of the US Commodity Futures Trading Commission (CFTC), announced the appointment of a senior adviser with experience in litigating crypto and blockchain cases.
In a Tuesday notice, Selig said Michael Passalacqua, a former associate at international law firm Simpson Thacher & Bartlett, would join the CFTC as a senior adviser. Selig cited Passalacqua’s experience with “financial regulatory matters involving crypto assets and blockchain technologies.”
“Earlier in his career, [Passalacqua] served as assistant general counsel at a crypto asset capital markets firm, where he advised on a range of regulatory and transactional issues relating to crypto assets,” Selig said.
By Simpson Thacher and Bartlett, Passalacqua it helped author A letter leading the U.S. Securities and Exchange Commission to issue a no-action letter allowing state-licensed trust companies to serve as cryptocurrency custodians. The agency’s Division of Investment Management said in September that it would not recommend enforcement action against advisers who exploit a state-owned trust company as a cryptocurrency custodian.
Related: The SEC Is All-Republican Currently as Cryptocurrency Rulemaking Momentum Picks Up in 2026
Selig named Passalacqua and former Treasury Department official Cal Mitchell as senior advisers as the CFTC prepares for a broader role in regulating cryptocurrencies. The appointments came after Selig said the commission was working to “future-proof” its regulatory approach, citing pending U.S. Senate legislation that would give the CFTC a “broad set of new responsibilities” over digital asset markets.
Selig’s remarks followed similar statements by SEC Chairman Paul Atkins, who said in October that the securities regulator would work to “future-proof” U.S. President Donald Trump’s crypto program. Some experts have warned that many of the president’s policies, including on digital assets, could be reversed if Democrats take control of the Senate or House of Representatives in the 2026 elections.
The CFTC chairman remains the sole commissioner
Selig, nominated by Trump following the resignation of former acting chair Caroline Pham, is the agency’s only serving commissioner after the leadership exodus in 2025. As of Tuesday, Trump had not made any announcements signaling that he planned to nominate other commissioners to fill the CFTC, either Republican or Democrat.
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