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According to Wu's report, the CFTC's official announcement states that acting chair Caroline D. Pham has officially stepped down; Michael S. Selig was sworn in as the 16th chair of the CFTC on December 22. Selig was previously nominated by Trump on October 27, 2025, served as chief legal counsel for the SEC Crypto Task Force, and was a senior advisor to SEC chairman Paul S. Atkins, involved in promoting the regulatory framework for the digital asset securities market and coordinating regulatory approaches between the SEC and CFTC, advocating for an end to "regulation by enforcement."