PANews reported on December 23 that, according to an announcement on the CFTC's official website, Acting Chair Caroline D. Pham has officially stepped down, and Michael Selig has been appointed as the 16th Chair. Selig previously served on the SEC's Crypto Assets Task Force, actively promoting legislation on the structure of the digital asset market and advocating for an "end to regulation equals enforcement" approach. He stated that he will lead the CFTC in developing "common sense" rules for a new era of financial innovation in the United States, helping the US become a global center for crypto capital.