“President Trump has made an excellent choice in Mike Selig to lead the [CFTC],” Sacks wrote on X. “As anyone who knows him will attest, [Selig] is deeply knowledgeable about financial markets and passionate about modernizing our regulatory approach in order to maintain America’s competitiveness in the digital asset era.”

Sacks went on to tout Selig’s current work on the SEC Crypto Task Force and his position under former CFTC Commissioner Christopher Giancarlo a decade ago. Sacks says Selig’s nomination helps further the Trump administration’s goal to make the United States the “crypto capital of the planet.”

The CFTC is an independent federal agency that handles the U.S. derivatives markets, including option trading. The agency’s website says its mission is to promote the “integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.”

Selig replaces Brian Quintenz, whose nomination was challenged by crypto billionaires Cameron and Tyler Winklevoss. The identical twins were concerned Quintenz wasn’t aligned with Trump’s agenda.

Their opposition preceded the White House’s decision to pull his nomination at the last minute. Quintenz was once expected to be easily confirmed in the Senate.

Republican commissioner Caroline Pham, who currently serves as the commission’s acting chair, is expected to leave the agency upon Selig’s confirmation.

WHITE HOUSE YANKS BRIAN QUINTENZ NOMINATION TO HEAD COMMODITY FUTURES TRADING COMMISSION

Selig said he was honored to be nominated by the president for the position.

“With the President’s leadership, a Great Golden Age for America’s Financial Markets and a Wealth of New Opportunities stand before us,” he posted on X Saturday afternoon. “I pledge to 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.”